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(Z1) Gains Considered Corrective

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: 112.270 High Sep 9 and 10 and key near-term resistance
  • PRICE: 112.255 @ 05:08 BST Sep 20
  • 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 are firmer however the near-term outlook remains bearish and gains are considered corrective. The recent 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. Further downside is likely with the focus on 112.206 next, a Fibonacci projection. Initial firm resistance is unchanged at 112.270, Sep 9 and 10 high. The bear trigger is 112.215.

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