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(Z1) Bearish Focus

SCHATZ TECHS
  • RES 4: 112.350 High Aug 24
  • RES 3: 112.340 High Aug 31
  • RES 2: 112.305 High Sep 3
  • RES 1: 112.290 High Sep 20 and key near-term resistance
  • PRICE: 112.240 @ 05:30 BST Sep 23
  • SUP 1: 112.215 Low Sep 9 and the bear trigger
  • SUP 2: 112.206 2.236 proj of the Aug 20 - 26 - 31 price swing
  • SUP 3: 112.200 Round number support
  • SUP 4: 112.197 2.382 proj of the Aug 20 - 26 - 31 price swing

Schatz futures have pulled away from recent highs. The outlook is bearish and recent gains were considered corrective. The move lower to 112.215 on Sep 9, confirmed a resumption of the downtrend and marks an extension of the bear cycle that started Aug 5. A continuation of the move lower would refocus attention on 112.206, a Fibonacci projection. Resistance is seen at 112.290, Sep 20 high.

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