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(Z3) Bullish Engulfing Candle

SCHATZ TECHS
  • RES 4: 105.440 High Sep 4
  • RES 3: 105.372 76.4% Fibonacci retracement Sep 1 - 21 downleg
  • RES 2: 105.220/335 High Nov 6 and 8 / High Nov 2
  • RES 1: 105.155 Intraday high
  • PRICE: 105.2140 @ 05:35 GMT Nov 15
  • SUP 1: 104.925 Low Nov 13 and key short-term support
  • SUP 2: 104.880/765 Low Oct 20 / Sep 21 and the bear trigger
  • SUP 3: 104.720 2.00 proj of the Aug 24 - 30 - Sep 1 price swing
  • SUP 4: 104.620 Low Jul 11 (cont)

Schatz futures reversed course yesterday, trading sharply higher. The rally is a bullish development and a bullish engulfing candle was confirmed at yesterday’s close. If correct, this signals scope for a climb towards resistance at 105.220, the Nov 6 / 8 high. Clearance of this hurdle would expose key resistance at 105.335, the Nov 2 high. On the downside, a break of yesterday’s 104.925 would reinstate a bearish threat.

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