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(Z1) Resumes Its Downtrend

SCHATZ TECHS
  • RES 4: 112.255 High Sep 23 and Oct 5
  • RES 3: 112.220 High Oct 14
  • RES 2: 112.160 High Oct 26 and key near-term resistance
  • RES 1: 112.053 50.0% retracement of the Oct 26 - 28 downleg
  • PRICE: 112.000 @ 05:18 BST Oct 29
  • SUP 1: 111.945 Low Oct 28
  • SUP 2: 111.925 1.236 proj of the Oct 14 - 19 - 26 price swing
  • SUP 3: 111.897 1.382 proj of the Oct 14 - 19 - 26 price swing
  • SUP 4: 111.865 Low Jun 5/8 2020 low (cont)

From a trend perspective, Schatz futures remain bearish and yesterday's volatile price action reinforced this theme. The break of 112.030, Oct 19 low confirms a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. This signals scope for weakness towards 111.865, the Jun 5 / 8, 2020 low. Key short-term resistance has been defined at 112.160, Oct 26 high.

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