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(H4) Pullback Considered Corrective

SCHATZ TECHS
  • RES 4: 106.621 1.382 proj of the Nov 24 - 30 minor price swing
  • RES 3: 106.527 1.236 proj of the Nov 24 - 30 minor price swing
  • RES 2: 106.375 1.00 proj of the Nov 24 - 30 minor price swing
  • RES 1: 106.100/290 High Dec 12 / 6 and the bull trigger
  • PRICE: 105.985 @ 05:51 GMT Dec 13
  • SUP 1: 105.955 Intraday low
  • SUP 2: 105.835 20-day EMA
  • SUP 3: 105.780 Low Dec 1
  • SUP 4: 105.640 Low Nov 29

Trend conditions in Schatz futures remain bullish and the latest pullback appears to be a correction - for now. A deeper retracement would allow an overbought condition to unwind. Resistance at 105.660, the Aug 17 high, was breached on Nov 17, strengthening current bullish conditions. This signals scope for a climb towards 106.375, a Fibonacci projection. Initial firm support to watch lies at 105.780, the Nov 30 low.

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