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(M1) Focus Is On 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: 112.103/120 20-day EMA / High Apr 22
  • PRICE: 112.085 @ 05:19 BST Apr 29
  • SUP 1: 112.060 Low Mar 10, Apr 20 and 28
  • 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 remain below resistance. The contract recovered last week from 112.060, Apr 20 low. The 20-day EMA was probed however a clear break is still needed to strengthen a S/T bullish theme. This would signal scope for gains towards 112.150, Apr 8 high. 112.060 is the key near-term support. Clearance of this level would reinstate the recent bearish focus and would open 112.053, a Fibonacci retracement and below.

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