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(H3) Multi-Decade Lows

SCHATZ TECHS
  • 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: 105.135 @ 15:14 GMT Feb 24
  • SUP 1: 105.065 Low Feb 24
  • SUP 2: 104.970 Low Oct 20 2008
  • SUP 3: 104.786 Lower 3.0% Bollinger Band
  • SUP 4: 104.269 1.0% 10-dma Envelope

Schatz futures started the week softer and retained the downside bias well into the Friday close. Further multi-decade low prices were the result, with Schatz futures hitting the lowest levels since 2008. This leaves 104.970 as next downside level, but support is seen scant into vol bands at 104.786 and 104.269. 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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