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(Z0) Pullback Still Considered Corrective

SCHATZ TECHS
  • RES 4: 112.420 1.500 proj of Aug 26 - Sep 9 rally from the Sep 10 low
  • RES 3: 112.403 1.382 proj of Aug 26 - Sep 9 rally from the Sep 10 low
  • RES 2: 112.383 1.236 proj of Aug 26 - Sep 9 rally from the Sep 10 low
  • RES 1: 112.360 High Sep 21 and the bull trigger
  • PRICE: 112.305 @ 05:03 BST Sep 29
  • SUP 1: 112.275 Low Sep 21 and Sep 25
  • SUP 2: 112.250 Low Sep 17 and key near-term support
  • SUP 3: 112.210 Low Sep 10 and the reversal trigger
  • SUP 4: 111.190 Low Sep 1

Schatz futures traded higher on Sep 21 clearing resistance at 112.325, Sep 8, 9 high and a recent bull trigger. The contract however has since corrected lower but the outlook remains bullish. The movehigher confirms a resumption of the uptrend that has been in place since Aug 26 and paves the way for an extension of gains. The focus is on 112.383 and 112.403, both Fibonacci projections. On the downside, firm support is seen at 112.250, Sep 17 low.

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