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(Z0) Needle Still Points North

SCHATZ TECHS
  • RES 4: 112.560 2.500 proj of Aug 26 - Sep 9 rally from the Sep 10 low
  • RES 3: 112.543 2.382 proj of Aug 26 - Sep 9 rally from the Sep 10 low
  • RES 2: 112.523 2.236 proj of Aug 26 - Sep 9 rally from the Sep 10 low
  • RES 1: 112.505 high Nov 4 and 61.8% of the Mar - Jun sell-off (cont)
  • PRICE: 112.470 @ 05:12 GMT Nov 5
  • SUP 1: 112.440 Low Nov 5
  • SUP 2: 112.425 Low Oct 27
  • SUP 3: 112.412 20-day EMA
  • SUP 4: 112.365 Low Oct 26 and key near-term support

Schatz futures remain bullish despite yesterday's volatile price action. 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 confirms a resumption of the underlying uptrend and yesterday's high print above also highlights a resumption of the current uptrend. Attention is on 112.523 next, a Fibonacci projection. Initial firm support is at 112.440, yesterday's low.

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