MNI China Daily Summary: Monday, November 25

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(H3) Impulsive Rally Bucks Trend

SCHATZ TECHS
  • RES 4: 106.005 High Dec 16
  • RES 3: 105.907 20-Day EMA
  • RES 2: 105.830 High Dec 21
  • RES 1: 105.810 High Jan 4
  • PRICE: 105.760 @ 08:42 GMT Jan 4
  • SUP 1: 105.360 Low Jan 2
  • 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 are firmer early Wednesday, bucking the recent downtrend after the extension lower last month. 105.907 remains a firm resistance, the 20-day EMA. Short-term gains are considered corrective below here. The recent downtrend 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.

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