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(Z1) Trend Needle Still Points 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: 112.495 High Nov 22 and the bull trigger
  • PRICE: 112.465 @ 05:30 GMT Nov 26
  • SUP 1: 112.325/267 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

The Schatz futures outlook is unchanged and remains bullish with the contract trading closer to recent highs. The recent break higher confirmed a resumption of the short-term uptrend and this has paved the way for gains towards 112.505 next, Nov 4 2020 high (cont). Moving average conditions have recently turned bullish reinforcing the positive theme. Initial firm support lies at 112.267, the 50-day EMA.

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