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(H1) Triple Bottom Reversal Still In Play

SCHATZ TECHS
  • RES 4: 112.425 High Dec 14
  • RES 3: 112.399 76.4% retracement of the Dec 11 - 28 downleg
  • RES 2: 112.390 High JDec 16
  • RES 1: 112.368 61.8% retracement of the Dec 11 - 28 downleg
  • PRICE: 112.340 @ 05:11 GMT Jan 29
  • SUP 1: 112.290 Low Jan 26
  • SUP 2: 112.270 Low Jan 25
  • SUP 3: 112.240 Low Jan 12, 21 and 22 low
  • SUP 4: 112.235 Low Dec 23 and the bear trigger

Schatz futures traded higher Wednesday and confirmed a clear break of resistance at 112.330 in the process, the Jan 4, 5 and 15 highs. The break higher has also confirmed a triple bottom reversal pattern highlighting a short-term shift in sentiment. This signals scope for a stronger recovery with the focus on 112.368 next, a Fibonacci retracement and 112.390, the Dec 16 high. Initial support lies at 112.290, Tuesday's low.

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