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(H4) Continues To Trade Above Its Recent Lows

SCHATZ TECHS
  • RES 4: 106.640 High Dec 29 and the bull trigger
  • RES 3: 106.360 Low Jan 3
  • RES 2: 106.270 High Jan 5 and key short-term resistance
  • RES 1: 106.200 50.0% retracement of the Dec 29 - Jan 25 bear leg
  • PRICE: 106.040 @ 05:39 GMT Jan 31
  • SUP 1: 105.760 Low Jan 25 and the bear trigger
  • SUP 2: 105.730 Low Nov 30
  • SUP 3: 105.660 High Nov 17
  • SUP 4: 105.470 Low Nov 28

A downtrend in Schatz futures remains intact and the latest recovery appears to be a correction - for now. The contract has traded above the 20-day EMA, at 106.032. This signals scope for a continuation higher and potentially exposes resistance at 106.270, the Jan 5 high. A breach of this hurdle would highlight a stronger reversal. On the downside, weakness through support at 105.760, the Jan 25 low, would reinstate a bearish theme.

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