September 23, 2024 05:13 GMT
SCHATZ TECHS: (Z4) Testing Support At The 20-Day EMA
SCHATZ TECHS
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- RES 4: 107.474 1.382 retracement proj of the Aug 5 - Sep 3 bear leg
- RES 3: 107.373 1.236 retracement proj of the Aug 5 - Sep 3 bear leg
- RES 2: 107.210 High Aug 5 and the bull trigger
- RES 1: 106.950/107.155 High Sep 18 / 11
- PRICE: 106.895 @ 05:48 BST Sep 23
- SUP 1: 106.815 Low Sep 18
- SUP 2: 106.763 61.8% retracement of the Sep 3 - 11 rally
- SUP 3: 106.670 76.4% retracement of the Sep 3 - 11 rally
- SUP 4: 105.975 High Jun 14 (cont)
A bull cycle in Schatz futures remains intact despite the latest pullback - a correction. Note that the contract has pierced support at 106.846, the 20-day EMA. A clear breach of this EMA would signal scope for a deeper retracement towards 106.763, a Fibonacci retracement. MA studies on the continuation chart are in bull-mode position, highlighting a dominant uptrend. A reversal higher would open 107.210, the Aug 5 high and bull trigger.
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