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(Z1) Resumes Its Downtrend

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: 112.135 Low Oct 13 and yesterday's breakout level
  • PRICE: 112.070 @ 05:30 BST Oct 19
  • SUP 1: 112.045 Low Oct 18
  • SUP 2: 112.025 2.00 proj of the Sep 20 - 28 - Oct 5 price swing
  • 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 remain in a downtrend and yesterday's sharp move lower reinforces this condition. The break to fresh trend lows confirms a resumption of the downtrend, signalling scope for a continuation lower. The focus is on 112.025 next, a Fibonacci projection. On the upside, initial resistance is at 112.135, Oct 13 low and yesterday's breakout level.

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