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(Z0) Corrective Phase Signals Scope For Gains

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: 112.350 @ 05:11 GMT Nov 26
  • SUP 1: 112.300 Low Nov 17
  • 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 traded higher Nov 20,clearing resistance highlighted by the 20- and 50-day EMAs. Recent gains are still considered a correction however and with this correction still likely intact, attention is on 112.390, 50.0% of the Nov 4 - 11 sell-off. A breach would signal scope for an extension 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.

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