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(H3) Bull Cycle Still In Play

SCHATZ TECHS
  • RES 4: 106.296 61.8% retracement of the Dec 2 - Jan 2 bear leg
  • RES 3: 106.118 50.0% retracement of the Dec 2 - Jan 2 bear leg
  • RES 2: 106.000 Round number resistance
  • RES 1: 105.945 High Jan 13
  • PRICE: 105.825 @ 05:10 GMT Jan 17
  • SUP 1: 105.625/560 Low Jan 10 / 6
  • SUP 2: 105.480 Low Jan 3
  • SUP 3: 105.360 Low Jan 2 and the bear trigger
  • SUP 4: 105.345 2.618 projection of the Dec 2 - 13 price swing

Schatz futures maintain a positive short-term tone and the contract is trading closer to its recent highs. Price has breached the 20-day EMA and this reinforces short-term bullish conditions. The focus is on 105.939, 38.2% of the Dec 2 - Jan 2 bear leg. It has been tested, a clear break would open the 106.000 handle. On the downside, the firm support to watch lies at 105.625, the Jan 10 low. A break would signal a reversal.

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