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(Z1) Holding Onto Gains

SCHATZ TECHS
  • RES 4: 112.415 High Aug 5 (cont) and a key resistance
  • RES 3: 112.370 High Aug 20
  • RES 2: 112.340 Aug 31 high
  • RES 1: 112.310 High Nov 10
  • PRICE: 112.295 @ 05:27 GMT Nov 10
  • SUP 1: 112.197/100 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 established a corrective bullish short-term cycle. This theme remains intact with the contract edging higher again yesterday. Attention is on resistance at 112.290, Sep 20 high. It has been probed, a clear break would pave the way for strength towards 112.340, Aug 31 high. Gains are still considered corrective though and the broader trend direction is down. Initial firm support is 112.100.

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