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(Z0) Corrective Phase Likely To Extend

SCHATZ TECHS
  • RES 4: 112.417 61.8% retracement of the Nov 4 - 11 sell-off
  • RES 3: 112.410 Low Nov 6
  • RES 2: 112.390 50.0% retracement of the Nov 4 - 11 sell-off
  • RES 1: 112.370 High Nov 20 and 23
  • PRICE: 112.355 @ 05:18 GMT Nov 30
  • SUP 1: 112.325 Low Nov 25
  • SUP 2: 112.275 Low Nov 11 and the bear trigger
  • SUP 3: 112.261 76.4% retracement of the Aug 26 - Nov 4 rally
  • SUP 4: 112.250 Low Sep 17

Schatz futures are unchanged. The contract traded higher Nov 20,clearing the 20- and 50-day EMAs. Recent gains are still considered a correction that appears likely to extend. Attention is on 112.390, 50.0% of the Nov 4 - 11 sell-off. A breach would signal scope for a move towards 112.417, the 61.8% retracement. On the downside, clearance of key support at 112.275, Nov 11 low would reinstate the recent bearish cycle. Initial support is at 112.325.

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