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(H3) Resistance Is Seen At The 20-Day EMA

SCHATZ TECHS
  • RES 4: 106.118 50.0% retracement of the Dec 2 - Jan 2 bear leg
  • RES 3: 106.000 Round number resistance
  • RES 2: 105.939 38.2% retracement of the Dec 2 - Jan 2 bear leg
  • RES 1: 105.817/830 20-day EMA / High Jan 6
  • PRICE: 105.700 @ 05:41 GMT Jan 11
  • SUP 1: 105.560 Low Jan 6
  • SUP 2: 105.360 Low Jan 2 and the bear trigger
  • SUP 3: 105.345 2.618 projection of the Dec 2 - 13 price swing
  • SUP 4: 105.270 2.764 projection of the Dec 2 - 13 price swing

Schatz futures traded higher last week and the contract remains closer to its recent highs. 105.817 marks a firm resistance, the 20-day EMA - a break would strengthen short-term bullish conditions. The latest recovery is considered corrective - for now. A reversal lower would refocus attention on 105.360, the Jan 2 trend low and bear trigger. Clearance of this support would confirm a resumption of the broader downtrend.

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