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Free AccessMNI DATA TABLE: China PPI Sub-indexes by Category (Aug 2023)
MNI DATA TABLE: China CPI Sub-indexes by Category (Aug 2023)
(Z2) Bearish Extension
- RES 4: 108.045 High Sep 9
- RES 3: 107.899 20-day EMA
- RES 2: 107.585 High Sep 19
- RES 1: 107.380 High Sep 20
- PRICE: 106.860 @ 05:25 BST Sep 22
- SUP 1: 106.820 Intraday low
- SUP 2: 106.730 2.00 proj of the Aug 25 - Sep 1 - Sep 6 price swing
- SUP 3: 106.513 2.236 proj of the Aug 25 - Sep 1 - Sep 6 price swing
- SUP 4: 106.379 2.382 proj of the Aug 25 - Sep 1 - Sep 6 price swing
The Schatz futures trend direction remains down and the contract has traded to a fresh trend low once again today confirming an extension of the bear cycle. This also maintains the current bearish price sequence of lower lows and lower highs with moving average studies in a bear mode position. The focus is on 106.730 next, a Fibonacci projection. On the upside, initial firm resistance is seen at 107.899, the 20-day EMA.
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