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(H1) Corrective Cycle

  • RES 4: 112.290 High Feb 11
  • RES 3: 112.280 High Feb 12
  • RES 2: 112.274 50-day EMA
  • RES 1: 112.250 Higg Mar 1
  • PRICE: 112.230 @ 05:14 GMT Mar 2
  • SUP 1: 112.180 Low Mar 1
  • SUP 2: 112.140 Intraday hourly low during the Feb 26 session
  • SUP 3: 112.070 Low Feb 26
  • SUP 4: 112.040 Low Sep 7 and 8 2020 (cont)

Schatz futures maintain a bearish stance although the sharp recovery from 112.070, Friday's low, means this market has entered a corrective cycle. This is allowing a recent oversold trend condition to unwind. Price has breached the 20-day EMA and further gains would signal scope for a climb towards the 50-day EMA at 112.274. On the downside, initial support lies at yesterday's low of 112.180.

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