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(Z2) Approaching The Bear Trigger

  • RES 4: 108.010 High Sep 13
  • RES 3: 107.770 High Oct 4 and key resistance
  • RES 2: 107.180/360 High Oct 13 / 6
  • RES 1: 107.063 20-day EMA
  • PRICE: 106.550 @ 05:40 BST Oct 20
  • SUP 1: 106.535 Low Sep 26 and key support
  • SUP 2: 106.379 2.382 proj of the Aug 25 - Sep 1 - Sep 6 price swing
  • SUP 3: 106.00 Round number support
  • SUP 4: 105.800 Low Nov 2008 (cont)

The Schatz futures primary trend direction is down. The recent reversal from 107.770, Oct 4 high, signals a resumption of the broader downtrend and attention is on 106.535, the Sep 26 low and bear trigger. A break of this level would confirm a resumption of the trend and maintain the price sequence of lower lows and lower highs. On the upside, key resistance has been defined at 107.770. Initial firm resistance is 107.063, the 20-day EMA.

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