January 24, 2023 05:46 GMT
(H3) Corrective Cycle Still In Play
SCHATZ TECHS
- RES 4: 106.517 76.4% retracement of the Dec 2 - Jan 2 bear leg
- RES 3: 106.370 Low Dec 12
- RES 2: 106.296 61.8% retracement of the Dec 2 - Jan 2 bear leg
- RES 1: 105.955/106.155 High Jan 20 / 18 and the bull trigger
- PRICE: 105.780 @ 05:22 GMT Jan 24
- SUP 1: 105.760 Low Jan 23
- SUP 2: 105.735 Low Jan 16 and a key short-term support
- SUP 3: 105.375 Low Jan 11
- SUP 4: 105.625 Low Jan 10
Schatz futures trend conditions remain bullish and the latest pullback is considered corrective - for now. Last week’s extension reinforced a bullish theme and signals potential for a climb towards 106.296, 61.8% of the Dec 2 - Jan 2 bear leg. On the downside, the firm support to watch lies at 105.735, the Jan 16 low. A break would alter the picture and instead signal potential for a deeper retracement.
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