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(Z1) S/T Gains Considered Corrective

SCHATZ TECHS
  • RES 4: 112.350 High Aug 24
  • RES 3: 112.340 High Aug 31 and key near-term resistance
  • RES 2: 112.305 High Sep 3
  • RES 1: 112.270 High Sep 9 and 10
  • PRICE: 112.240 @ 04:58 BST Sep 13
  • SUP 1: 112.215 Low Sep 9
  • 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 remain in a bearish cycle despite Thursday's gains - the move higher is considered a correction. Weakness early last week reinforced a bearish condition. The move lower confirmed a resumption of the downtrend and marks an extension of the bear cycle that started Aug 5. Further weakness is likely with the focus on 112.206 next, a Fibonacci projection. Initial resistance is at 112.270, the Sep 9 and 10 high.

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