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(M3) Strong Short-Term Reversal

SCHATZ TECHS
  • RES 4: 105.345 High High Feb 16
  • RES 3: 105.260 High Feb 24 and key resistance
  • RES 2: 105.060 High Feb 27
  • RES 1: 105.00 Round number resistance
  • PRICE: 104.920 @ 05:51 GMT Mar 10
  • SUP 1: 104.695 Intraday low
  • SUP 2: 104.335 Low Mar 9 and the bear trigger
  • SUP 3: 104.307 4.764 proj of the Jan 18 - Feb 1 - Feb 2 price swing
  • SUP 4: 104.000 Round number support

Schatz futures are trading sharply higher today as the contract extends the rally from this week’s low of 104.335 (Mar 9). The rally is allowing a recent oversold trend condition to unwind. Sights are on the 105.00 handle next where a break would signal scope for a climb towards a key short-term resistance at 105.260, the Feb 25 high. On the downside, initial firm support is at today's intraday low of 104.695.

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