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(H3) Bears Remain In The Driver’s Seat

SCHATZ TECHS
  • RES 4: 105.385 High Feb 24 and a key resistance
  • RES 3: 105.299 20-day EMA
  • RES 2: 105.090 High Feb 28
  • RES 1: 105.005 High Mar 1
  • PRICE: 104.760 @ 05:38 GMT Mar 2
  • SUP 1: 104.725 Low Mar 2
  • SUP 2: 104.707 2.50 proj of the Jan 18 - Feb 1 - Feb 2 price swing
  • SUP 3: 104.585 3.00 proj of the Jan 18 - Feb 1 - Feb 2 price swing
  • SUP 4: 104.492 Lower 3.0% Bollinger Band

Schatz futures remain in a clear downtrend and the contract is trading just above its recent lows. The move down this week maintains the bearish price sequence of lower lows and lower highs. The 105.000 handle has been breached and this paves the way for a move towards 104.707 next, a Fibonacci projection. On the upside, firm resistance is seen at 105.299, the 20-day EMA. Gains would be considered corrective.

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