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(Z0) Bears In Control Despite Corrective Bounce

SCHATZ TECHS
  • RES 4: 112.450 High Nov 9
  • RES 3: 112.372 20-day EMA
  • RES 2: 112.365 Low Oct 26 and a recent breakout level
  • RES 1: 112.335 High Nov 13
  • PRICE: 112.325 @ 05:10 GMT Nov 16
  • SUP 1: 112.275 Low Nov 11 and the bear trigger
  • SUP 2: 112.261 76.4% retracement of the Aug 26 - Nov 4 rally
  • SUP 3: 112.250 Low Sep 17
  • SUP 4: 112.210 Low Sep 10

Schatz futures sold off Nov 9 in a move that signals a potential trend reversal. The outlook remains bearish despite the recent corrective bounce. The move lower last week resulted in a break of former support at 112.365, Oct 26 low reinforcing the significance of the move lower on Nov 9. This highlights potential for weakness towards 112.261 next, a Fibonacci retracement. Initial firm resistance is seen at 112.365, Oct 26 low.

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