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(H4) Southbound

SCHATZ TECHS
  • RES 4: 106.070 High Feb 2
  • RES 3: 105.890 High Feb 5
  • RES 2: 105.772 20-day EMA
  • RES 1: 105.665 High Feb 9
  • PRICE: 105.340 @ 08:06 GMT Feb 20
  • SUP 1: 105.295 Low Feb 19
  • SUP 2: 105.260 Low Nov 24 and a key support
  • SUP 3: 105.195 2.00 projection of the Jan 12 - 25 - 31 price swing
  • SUP 4: 105.075 2.236 projection of the Jan 12 - 25 - 31 price swing

A downtrend in Schatz futures remains intact and last week’s move lower has confirmed once again, a resumption of the current bear cycle. This maintains the bearish price sequence of lower lows and lower highs and note too that moving average studies are in a bear mode position. Sights are on 105.260, the Nov 24 low. On the upside, initial firm resistance is seen at 105.772, the 20-day EMA. Short-term gains are considered corrective.

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