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(H4) Corrective Bounce

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: 106.090 @ 05:46 GMT Jan 26
  • SUP 1: 105.760 Low Jan 25
  • SUP 2: 105.730 Low Nov 30
  • SUP 3: 105.660 High Nov 17
  • SUP 4: 105.470 Low Nov 28

The downtrend in Schatz futures remains intact and Thursday’s recovery appears - for now - to be a correction. A key short-term support at 105.955, the Dec 13 low, has recently been cleared, strengthening a bearish theme. Sights are on 105.730 next, the Nov 30 low. Initial key resistance is 106.270, the Jan 5 / 12 high. A clear breach of this hurdle would ease bearish pressure and signal a reversal. First resistance is 106.200, a Fibonacci retracement.

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