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(U0) Double Bottom Reversal

SCHATZ TECHS
  • RES 4: 112.170 High Aug 4
  • RES 3: 112.147 76.4% retracement of the Jul 31 - Aug 14 sell-off
  • RES 2: 112.135 High Aug 10 and 11
  • RES 1: 112.120 Intraday high
  • PRICE: 112.115 @ 05:16 BST Sep 3
  • SUP 1: 112.053 20-day EMA
  • SUP 2: 111.990 Low Aug 14 and 26 and the bear trigger
  • SUP 3: 111.977 76.4% retracement of the Jun - Jul rally
  • SUP 4: 111.950 Low Jun 10

Schatz futures have established a bullish tone once again following this week's strong rally. Yesterday saw price trade through resistance at 112.100 , Aug 21 high confirming a reversal off the Aug lows of 111.990 and in pattern terms, the break also confirms a double bottom reversal. Attention turns to 112.135 next, Aug 10 and 11 highs and 112.147, a Fibonacci retracement. On the downside, initial support is at 112.053, the 20-day EMA.

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