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(Z3) Bullish Engulfing Candle Still In Play

SCHATZ TECHS
  • RES 4: 105.440 High Sep 4
  • RES 3: 105.372 76.4% Fibonacci retracement Sep 1 - 21 downleg
  • RES 2: 105.335 High Nov 2 and key resistance
  • RES 1: 105.220 High Nov 6
  • PRICE: 105.190 @ 06:00 GMT Nov 17
  • SUP 1: 105.060/104.925 Low Nov 15 / 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 Tuesday, and the contract maintains a firmer tone. This week’s gains are a bullish development and, a bullish engulfing candle was confirmed at Tuesday’s close. If correct, the pattern signals scope for a climb towards 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 104.925, the Nov 14 low, would reinstate a bearish threat.

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