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(Z1) Heading North

  • RES 4: 112.656 76.4% retracement of the Mar - Jun 2020 sell-off
  • RES 3: 112.585 High Mar 17 2020 (cont)
  • RES 2: 112.505 High Nov 4 2020 (cont) and a key resistance
  • RES 1: 112.480 High Nov 19
  • PRICE: 112.450 @ 05:14 GMT Nov 22
  • SUP 1: 112.279/241 20- and 50-day EMAs
  • 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 extended gains Friday and the contract has cleared resistance at 112.410, Nov 15 high. The break higher confirms a resumption of the short-term uptrend and paves the way for gains towards 112.505 next, the Nov 4 2020 high (cont). Note that the break of 112.415 has resulted in a complete 100.0% retracement of the Aug -Sep sell-off, reinforcing the current bullish theme. Initial firm support lies at 112.241, the 50-day EMA.

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