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(H3) Key Support Gives Way For Contract Lows

  • RES 4: 106.296 61.8% retracement of the Dec 2 - Jan 2 bear leg
  • RES 3: 106.130/106.155 High Feb 2 / High Jan 18 and bull trigger
  • RES 2: 105.978 50-day EMA
  • RES 1: 105.850 High Feb 7
  • PRICE: 105.345 @ Close Feb 17
  • SUP 1: 105.220 Low Feb 16
  • SUP 2: 105.140 Low Oct 21 2008
  • SUP 3: 105.051 Lower 3.0% Bollinger Band
  • SUP 4: 104.656 1.0% 10-dma Envelope

Schatz futures started the week softer and retained the downside bias into the Friday close. Prices printed down at 105.220, a new contract low. This price action reinforces the current bearish theme and signals scope for weakness towards 105.140 - levels last seen in October 2008. On the upside, key resistance has been defined at 106.130, the Feb 2 high and 106.155, the Jan 18 high. Clearance of this resistance zone would reinstate a bullish condition.

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