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(Z0) Finds Resistance

SCHATZ TECHS
  • RES 4: 112.505 61.8% retracement of the Mar - Jun sell-off (cont).
  • RES 3: 112.490 2.000 proj of Aug 26 - Sep 9 rally from the Sep 10 low
  • RES 2: 112.457 1.764 proj of Aug 26 - Sep 9 rally from the Sep 10 low
  • RES 1: 112.460 High Oct 19 / 20 and the bull trigger
  • PRICE: 112.415 @ 04:50 BST Oct 21
  • SUP 1: 112.410 Low Oct 16
  • SUP 2: 112.360 High Sep 21 and the recent breakout level
  • SUP 3: 112.349 20-day EMA
  • SUP 4: 112.340 Low Oct 14

Schatz futures are trading lower as a correction unfolds following recent sharp gains. Key resistance has been defined at 112.460, Oct 19 and 20 high. Attention is on the next support at 112.430, Oct 15 low ahead of the recent breakout level at 112.360, Sep 21 high. The 20-day EMA intersects at 112.349. On the upside, clearance of 112.460, the bull trigger, would confirm a resumption of the uptrend and open 112.490 next, a Fibonacci projection.

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