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(Z3) Bullish Outlook

SCHATZ TECHS


  • RES 4: 105.910 High May 16 (cont)
  • RES 3: 105.781 1.618 proj of the Oct 19 - Nov 2 - 27 price swing
  • RES 2: 105.762 50.0% retracement of the Mar 20 - Jul 6 downleg
  • RES 1: 105.705 High Dec 4
  • PRICE: 105.600 @ 05:50 GMT Dec 5
  • SUP 1: 105.340 Low Nov 30
  • SUP 2: 105.250/105.162 Low Nov 29 / 50-day EMA
  • SUP 3: 104.915 Low Nov 27 and a key support
  • SUP 4: 104.880/765 Low Oct 20 / Sep 21 and the bear trigger

Schatz futures traded sharply higher last week and the move accelerated on Friday. The contract has breached resistance at 105.580, the Aug 24 high, strengthening current bullish conditions. This signals scope for a climb towards 105.762, the 50.0% retracement of the Mar 20 - Jul 6 downleg on the continuation chart. Initial firm support lies at 105.340, the Nov 30 low. A pullback would be considered corrective.

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