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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: 105.125 @ 08:11 GMT Feb 23
  • SUP 1: 105.115/110 Low Oct 19/Feb 23
  • SUP 2: 105.003 Lower Bollinger Band
  • SUP 3: 105.075 2.236 projection of the Jan 12 - 25 - 31 price swing
  • SUP 4: 104.356 1.0% 10-dma envelope

The downtrend in Schatz futures accelerated early Thursday, with another lower low following ahead of the open on Friday. Solid European PMI numbers were the initial driver, driving prices through support layered between 105.295 and 105.195. Extended pullback lows at 105.110 are the lowest print since mid-October. This affirms 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. Short-term gains are considered corrective below the 20-day EMA.

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