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SCHATZ TECHS: (Z4) Bullish Recovery

SCHATZ TECHS
  • RES 4: 107.210 High Aug 5 and the bull trigger  
  • RES 3: 107.047 76.4% retracement of the Aug 5 - Sep 3 bear leg
  • RES 2: 106.946 61.8% retracement of the Aug 5 - Sep 3 bear leg
  • RES 1: 106.850 High Sep 5   
  • PRICE: 106.825 @ 06:07 BST Sep 6
  • SUP 1: 106.675 Low Sep 4        
  • SUP 2: 106.520 Low Sep 3 and the bear trigger  
  • SUP 3: 106.315 1.00 of the Aug 5 - 7 - 13  minor price swing  
  • SUP 4: 106.193 1.236 of the Aug 5 - 7 - 13  minor price swing

An uptrend in Schatz futures remains intact and recent weakness is considered corrective. The recovery this week is a positive development and signals the end of the recent corrective cycle. A continuation higher would pave the way for a climb towards 107.047, a Fibonacci retracement point. On the downside, clearance of 106.520, the Sep 3 low would reinstate the recent bear cycle.

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