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(M3) Holding Above Support

SCHATZ TECHS
  • RES 4: 107.000 Round number resistance
  • RES 3: 106.800 Low Dec 5 2022 (cont)
  • RES 2: 106.680 High Dec 13 2022 (cont)
  • RES 1: 106.360 High Mar 15 and the bull trigger
  • PRICE: 105.845 @ 05:37GMT Mar 17
  • SUP 1: 105.578 Low Mar 16
  • SUP 2: 105.353 50.0% retracement of the Mar 8 - 15 rally
  • SUP 3: 105.231 20-day EMA
  • SUP 4: 105.030 Low Mar 15 and key support

Schatz futures rallied higher Wednesday but prices have since pulled back and remain below this week’s highs. The outlook - for now - remains bullish in a volatile environment. A continuation higher would open 106.680, the Dec 5 2022 high on the continuation chart. Further out, scope would be seen for a climb to the 107.00 handle. On the downside, key short-term support is seen at the 20-day EMA. The average intersects at 105.231.

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