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(Z2) Still Looking For Gains

SCHATZ TECHS
  • RES 4: 108.010 High Sep 13
  • RES 3: 107.770 High Oct 4 and the reversal trigger
  • RES 2: 107.610 High Oct 5
  • RES 1: 107.400 High Oct 28
  • PRICE: 106.965 @ 05:26 GMT Nov 2
  • SUP 1: 106.710 Low Oct 27
  • SUP 2: 106.680/350 Low Oct 24 / 21 and the bear trigger
  • SUP 3: 106.270 2.50 proj of the Aug 25 - Sep 1 - Sep 6 price swing
  • SUP 4: 106.00 Round number support

The Schatz futures primary trend direction is down, however, the contract remains in a bullish corrective cycle. This follows last week’s move higher and despite the latest pullback. Price has traded above the 20-day EMA and cleared resistance at 107.180, the Oct 13 high. A resumption of gains would open the next key resistance, at 107.770, Oct 4 high. On the downside, initial firm support to watch is 106.710, the Oct 27 low. A break would be bearish.

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