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Key Support Remains Exposed


Pullback Extends, But Still Looks Corrective in Nature


FED Remains in Play Post-NFP/ISM Data

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(Z2) Bear Trend Resumes

  • RES 4: 108.010 High Sep 13
  • RES 3: 107.770 High Oct 4 and the reversal trigger
  • RES 2: 107.180/360 High Oct 13 / 6 and key resistance
  • RES 1: 106.630/107.017 High Oct 20 / 20-day EMA
  • PRICE: 106.470 @ 05:34 BST Oct 21
  • SUP 1: 106.430 Low Oct 20
  • 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. Yesterday’s extension lower resulted in a break of support at 106.535, the Sep 26 low. This confirms a resumption of the primary downtrend and maintains the bearish price sequence of lower lows and lower highs. The move lower paves the way for 106.379 next, a Fibonacci extension. Key short-term resistance has been defined at 107.180, the Oct 13 high.

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