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(Z1) Resumes Its Uptrend

  • RES 4: 112.585 High Mar 17 2020 (cont)
  • RES 3: 112.505 High Nov 4 2020 (cont) and a key resistance
  • RES 2: 112.475 High Nov 5 2020 (cont)
  • RES 1: 112.465 Intraday high
  • PRICE: 112.450 @ 09:47 GMT Nov 19
  • SUP 1: 112.232 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 are off to the races this morning 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 112.475 next, the Nov 5 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 support lies at 112.232, the 50-day EMA.

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