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(Z3) Tests Key Short-Term Resistance

SCHATZ TECHS


  • RES 4: 105.560 High Sep 1
  • RES 3: 105.440 High Sep 4
  • RES 2: 105.372 76.4% Fibonacci retracement Sep 1 - 21 downleg
  • RES 1: 105.335 High Nov 2
  • PRICE: 105.175 @ 05:39 GMT Nov 3
  • SUP 1: 105.082 20-day EMA
  • SUP 2: 104.940/765 Low Oct 26 / Low 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 are trading closer to their recent gains. The broader trend outlook is bearish and recent gains are considered corrective. However, the contract has pierced resistance at 105.320, the Oct 10 high. A clear breach of this level would strengthen the short-term bullish condition and signal scope for a stronger corrective cycle. This would open 105.372, a Fibonacci retracement. Initial firm support is at 105.082, the 20-day EMA.

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