Free Trial

(Z1) Needle Still Points South

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: 112.225 @ 05:38 BST Sep 17
  • 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 traded lower yesterday and the outlook remains bearish. 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 resistance is unchanged at 112.270, Sep 9 and 10 high. The bear trigger is 112.215.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.