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(H3) Bearish Outlook

SCHATZ TECHS
  • RES 4: 106.335 Low Nov 28 and a key resistance
  • RES 3: 106.005 High Dec 16
  • RES 2: 105.998 20-Day EMA
  • RES 1: 105.720/105.830 High Dec 23 / 21
  • PRICE: 105.545 @ 05:36 GMT Dec 30
  • SUP 1: 105.395 Low Dec 27
  • SUP 2: 105.345 2.618 projection of the Dec 2 - 13 price swing
  • SUP 3: 105.270 2.764 projection of the Dec 2 - 13 price swing
  • SUP 4: 105.150 3.00 projection of the Dec 2 - 13 price swing

Schatz futures remain soft following the contracts recent sell-off - this resulted in a break on Dec 15, of support at 106.335, the Nov 28 low. The continuation lower reinforces bearish conditions and signals scope for a deeper pullback that has opened 105.345 next, a Fibonacci projection. On the upside, 105.998 is a firm resistance, the 20-day EMA. Short-term gains would be considered corrective.

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