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(M3) Reversal Higher Exposes Key Resistance

SCHATZ TECHS
  • RES 4: 106.570 High Dec 2022 (cont)
  • RES 3: 106.365 Low Dec 13 2022 (cont)
  • RES 2: 106.155 High Jan 18 (cont) and a key resistance
  • RES 1: 106.120 High Mar 13
  • PRICE: 105.835 @ 05:28 GMT Mar 14
  • SUP 1: 105.701 23.6% retracement of the Mar 8 - 15 rally
  • SUP 2: 105.442 38.2% retracement of the Mar 8 - 15 rally
  • SUP 3: 105.232 50.0% retracement of the Mar 8 - 15 rally
  • SUP 4: 105.017 20-day EMA

Schatz futures traded sharply higher Monday, extending Friday’s rally and confirming a reversal of the recent bear leg. The break higher exposes 106.155, the Jan 18 high on the continuation chart and a key near-term resistance. A break would strengthen the current bullish condition. On the downside, initial firm support is seen around 105.442, a Fibonacci retracement point.

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