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(Z1) Eyeing Key Resistance

SCHATZ TECHS
  • RES 4: 112.370 High Aug 20
  • RES 3: 112.340 Aug 31 high
  • RES 2: 112.305 High Sep 3
  • RES 1: 112.290 High Sep 20 and high Nov 5
  • PRICE: 112.255 @ 05:32 GMT Nov 9
  • SUP 1: 112.193/100 50-day EMA / Low Nov 3
  • SUP 2: 112.050/111.945 Low Nov 2 / Low Oct 28
  • SUP 3: 111.925 1.236 proj of the Oct 14 - 19 - 26 price swing
  • SUP 4: 111.897 1.382 proj of the Oct 14 - 19 - 26 price swing

A sharp rally in Schatz futures last week means the contract has entered and established a corrective bullish short-term cycle. This theme remains intact and price is trading near recent highs. Attention is on resistance at 112.290, Sep 20 high where a break would pave the way for strength towards 112.340, Aug 31 high. Gains are still considered corrective and the broader trend direction remains down. Initial firm support lies at 112.100, Nov 3 low.

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