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(H2) Corrective Cycle Still In Play

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: 111.935 High Feb 18
  • PRICE: 111.860 @ 04:13 GMT Feb 21
  • SUP 1: 111.545/420 Low Feb 15 / Low Feb 11
  • SUP 2: 111.250/208 Low Feb 7 / 2.50 proj of Dec 20-Jan 19-24 swing
  • SUP 3: 111.185 Low Jun 26, 2015 (cont)
  • SUP 4: 111.140 Low Jun 11, 2015 (cont)

The trend direction in Schatz futures remains bearish however, the contract remains in a corrective cycle as the recovery from 111.250, the Feb 7 low extends. The contract has cleared the 20-day EMA and Friday probed the 50-day EMA. The latter average intersects at 111.888 and a clear break would signal scope for a stronger rally and open 112.145, Jan 24 high. A reversal lower would open 111.545 initially, the Feb 15 low.

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