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(H2) Correction Likely To Extend Higher

SCHATZ TECHS
  • RES 4: 112.145 High Jan 24 and a key resistance
  • RES 3: 112.070 High Jan 27
  • RES 2: 112.020 High Jan 31
  • RES 1: 111.965 High Feb 22
  • PRICE: 111.780 @ 05:25 GMT Feb 25
  • SUP 1: 111.635 Low Feb 23
  • SUP 2: 111.545/420 Low Feb 15 / Low Feb 11
  • SUP 3: 111.250/208 Low Feb 7 / 2.50 proj of Dec 20-Jan 19-24 swing
  • SUP 4: 111.185 Low Jun 26, 2015 (cont)

The trend direction in Schatz futures remains bearish however, the contract is still in a bullish corrective cycle, following the recovery from 111.250, the Feb 7 low. The contract has recently cleared the 20-day EMA and price has traded above the 50-day EMA. The latter average intersects at 111.872 today and a clear break would signal scope for a stronger rally towards 112.145, Jan 24 high. Initial firm support has been defined at 111.635, the Feb 23 low.

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