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(Z1) Needle Still Points South

SCHATZ TECHS
  • RES 4: 112.290 High Sep 20
  • RES 3: 112.255 High Sep 23 and Oct 5 and key near-term resistance
  • RES 2: 112.220 High Oct 14
  • RES 1: 112.167 20-day EMA
  • PRICE: 112.110 @ 05:32 BST Oct 25
  • SUP 1: 112.025 2.00 proj of the Sep 20 - 28 - Oct 5 price swing
  • SUP 2: 112.00 Round number support
  • SUP 3: 111.990 Low Aug 14 and 26, 2020 (cont)
  • SUP 4: 111.967 2.50 proj of the Sep 20 - 28 - Oct 5 price swing

From a trend perspective, Schatz futures are unchanged and remain in a downtrend although recent price action has been volatile. Fresh lows last week reinforce the downtrend and confirm a resumption of the downtrend that maintains the bearish price sequence of lower lows and lower highs. The focus is on 112.025 next, a Fibonacci projection. On the upside, initial resistance is at 112.167, the 20-day EMA.

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