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(M1) Approaching Key Short-Term Support

SCHATZ TECHS
  • RES 4: 112.174 0.618 proj of the Feb 26 - Mar 2 - Mar 10 price swing
  • RES 3: 112.165 High Mar 25 and the bull trigger
  • RES 2: 112.150 High Apr 8
  • RES 1: 112.112 20-day EMA
  • PRICE: 112.070 @ 05:33 BST Apr 20
  • SUP 1: 112.060 Low Mar 10
  • SUP 2: 112.053 50.0% retracement of the Feb 26 - Mar 25 rally
  • SUP 3: 112.026 61.8% retracement of the Feb 26 - Mar 25 rally
  • SUP 4: 111.993 76.4% retracement of the Feb 26 - Mar 25 rally

Schatz futures traded lower yesterday and maintains a bearish theme. Support at 112.070, Mar 18 low has been probed and attention turns to 112.060, Mar 10 low. Clearance of this level would strengthen a bearish argument and open 112.053 and 112.026, Fibonacci retracements. For bulls, a break of 112.165 would reinstate a bullish theme. Initial resistance is 112.112, the 20-day EMA.

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