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(Z3) Remains Soft

SCHATZ TECHS
  • RES 4: 105.372 76.4% Fibonacci retracement Sep 1 - 21 downleg
  • RES 3: 105.335 High Nov 2 and key resistance
  • RES 2: 105.145/265 High Nov 22 / 17
  • RES 1: 105.072 20-day EMA
  • PRICE: 104.925 @ 05:52 GMT Nov 27
  • SUP 1: 104.915 Intraday low
  • 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 remain soft and the contract is trading lower today. Price has pierced a key short-term support at 104.925, the Nov 14 low. This cancels a recent bullish engulfing candle pattern and instead highlights scope for a deeper retracement. An extension would open 104.880 next, the Oct 20 low. On the upside, initial firm resistance is seen at 105.145, the Nov 22 high. A break would be a bullish development.

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