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(Z2) Still Looking For A Break Higher

SCHATZ TECHS
  • RES 4: 108.00 Round number resistance
  • RES 3: 107.610 High Oct 5
  • RES 2: 107.400 High Oct 28 and key resistance
  • RES 1: 107.170 High Dec 2
  • PRICE: 106.900 @ 05:41 GMT Dec 5
  • SUP 1: 106.82520-day EMA
  • SUP 2: 106.615/415 Low Nov 10 / 8
  • SUP 3: 106.350 Low Oct 21 and the bear trigger
  • SUP 4: 106.270 2.50 proj of the Aug 25 - Sep 1 - Sep 6 price swing

Schatz futures traded higher last Thursday and price remains above support at the Nov 10 low of 106.615. The contract has traded above the 50-day EMA which intersects at 107.038. Clearance of this average would signal scope for a stronger short-term recovery and opens 107.400, the Oct 28 high. Key support lies at 106.415, the Nov 8 low and 106.350, the Oct 21 low. The latter is the bear trigger. Initial support is at 106.825, the 20-day EMA.

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