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(Z1) Bullish Conditions Dominate

SCHATZ TECHS
  • RES 4: 112.475 High Nov 5 2020 (cont)
  • RES 3: 112.450 High Dec 11 2020 (cont)
  • RES 2: 112.415 High Aug 5 (cont) and a key resistance
  • RES 1: 112.410 High Nov 15
  • PRICE: 112.270 @ 05:22 GMT Nov 16
  • SUP 1: 112.215 50-day EMA and key near-term support
  • SUP 2: 112.100 Low Nov 3
  • SUP 3: 112.050 Low Nov 2
  • SUP 4: 111.945 Low Oct 28 and major support

Schatz futures has established a bullish short-term cycle. Friday's resumption of gains and yesterday's fresh high reinforces this. Resistance at 112.290, Sep 20 high has been breached and the break paves the way for strength towards 112.415 next, Aug 5 high (cont). A break of 112.415 would mark a 100.0% retracement of the Aug -Sep sell-off and open 112.450, Dec 11 2020 high (cont). 112.215, the 50-day EMA marks support.

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