(Z1) Trend Needle Still Points South

• 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: 112.160 High Oct 26
• PRICE: 112.065 @ 05:27 BST Oct 28
• 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, the trend in Schatz futures remains down and the contract is off recent highs. Fresh lows last week reinforced the downtrend and confirmed a resumption of the bear leg and 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 112.160, the Oct 26 high where a break is required to signal a short-term base.