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(M3) Recent Pullback Considered Corrective

SCHATZ TECHS
  • RES 4: 106.629 76.4% retracement of the Mar 20 - 22 sell-off
  • RES 3: 106.530 High Mar 21
  • RES 2: 106.265 50.0% retracement of the Mar 20 - 22 sell-off
  • RES 1: 106.102 38.2% retracement of the Mar 20 - 22 sell-off
  • PRICE: 106.010 @ 05:55 GMT Mar 23
  • SUP 1: 105.575 Low Mar 16 / 22
  • SUP 2: 105.507 20-day EMA
  • SUP 3: 105.336 61.8% retracement of the Mar 9 - 20 rally
  • SUP 4: 105.030 Low Mar 15

Schatz futures traded lower Wednesday before recovering from the day low of 105.575. Attention is on 105.507, the 20-day EMA. The average marks a key short-term support where a break is required to signal scope for a deeper pullback. For now, the recent move lower is considered corrective. On the upside, key resistance and the bull trigger is at 106.955, the Mar 20 high. Initial firm resistance is seen at 106.265, a Fibonacci retracement.

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