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(Z1) Uptrend Remains Intact

SCHATZ TECHS
  • 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
  • PRICE: 112.425 @ 05:31 GMT Nov 24
  • SUP 1: 112305/255 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 remains bullish following last week's gains and the recent pullback is considered corrective. The recent break higher confirmed a resumption of the short-term uptrend and has paved the way for gains towards 112.505 next, Nov 4 2020 high (cont). Note that the breach of 112.415 resulted in a 100.0% retracement of the Aug -Sep sell-off, reinforcing the bullish theme. Initial firm support lies at 112.255, the 50-day EMA.

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