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(H3) Trend Direction Remains Down

SCHATZ TECHS
  • RES 4: 106.335 Low NOv 28 and a key resistance
  • RES 3: 106.237 20-Day EMA
  • RES 2: 106.005 High Dec 16
  • RES 1: 105.830 High Dec 21
  • PRICE: 105.680 @ 05:01 GMT Dec 23
  • SUP 1: 105.615 Low Dec 22
  • SUP 2: 105.540 2.236 projection of the Dec 2 - 13 price swing
  • SUP 3: 105.465 2.382 projection of the Dec 2 - 13 price swing
  • SUP 4: 105.405 2.50 projection of the Dec 2 - 13 price swing

Schatz futures remain soft following the recent sell-off - this resulted in a break of support at 106.335, the Nov 28 low. The move lower Thursday reinforces bearish conditions. The extension signals scope for a deeper pullback that has opened 105.540 next, a Fibonacci projection. On the upside, 106.335 is a firm resistance. A break of this level is required to signal a potential reversal. This would open 106.680, the Dec 13 high.

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