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(M3) Bull Cycle Still In Play

SCHATZ TECHS
  • RES 4: 106.190 High Apr 6
  • RES 3: 106.060 50.0% retracement of the Mar 20 - Apr 19 bear leg
  • RES 2: 106.000 Round number resistance
  • RES 1: 105.890 Intraday high
  • PRICE: 105.840 @ 06:13 BST May 4
  • SUP 1: 105.581/350 20-day EMA / Low Apr 28
  • SUP 2: 105.165 Low Apr 19 / 24 and bear trigger
  • SUP 3: 105.030 Low Mar 15
  • SUP 4: 104.953 76.4% retracement of the Mar 9 - 20 rally

A short-term recovery in Schatz futures remains intact with the contract trading higher again today. This signals potential for a climb towards the 106.00 handle and 106.060, a Fibonacci retracement. Price has recently cleared resistance at the 20-day EMA, reinforcing bullish conditions. Key support has been defined at 105.165, the Apr 24 / 19 low. Initial firm support lies at 105.350, the Apr 28 low.

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