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(Z0) Corrective Pullback

SCHATZ TECHS
  • RES 4: 112.543 2.382 proj of Aug 26 - Sep 9 rally from the Sep 10 low
  • RES 3: 112.523 2.236 proj of Aug 26 - Sep 9 rally from the Sep 10 low
  • RES 2: 112.505 High Nov 4 and 61.8% of the Mar - Jun sell-off (cont)
  • RES 1: 112.475 High Nov 5
  • PRICE: 112.430 @ 04:59 GMT Nov 9
  • SUP 1: 112.430 Low Nov 9
  • SUP 2: 112.400 Round number support
  • SUP 3: 112.365 Low Oct 26 and key near-term support
  • SUP 4: 112.363 50-day EMA

Schatz futures remain bullish despite the recent pullback off the Nov 4 high. The contract traded higher last week, resulting in a break of a key resistance at 112.460, Oct 19 /20 and 28 high. The breach confirmed a resumption of the underlying uptrend and the fresh high print on Nov 4 also highlights a resumption of the current uptrend. Attention is on 112.523 next, a Fibonacci projection. Initial support is at 112.410.

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