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(Z2) Bearish Trend Structure

SCHATZ TECHS
  • RES 4: 109.280 High Aug 17
  • RES 3: 109.000 Round number resistance
  • RES 2: 108.845 High Aug 25
  • RES 1: 108.045/570 High Sep 9 / 6 and key short-term resistance
  • PRICE: 107.925 @ 05:20 BST Sep 13
  • SUP 1: 107.670 Low Sep 9
  • SUP 2: 107.470 1.00 proj of the Aug 25 - Sep 1 - Sep 2 price swing
  • SUP 3: 107.253 1.236 proj of the Aug 25 - Sep 1 - Sep 2 price swing
  • SUP 4: 107.00 Round number support

Schatz futures traded lower once again last Friday. The trend direction is down and the move lower confirms a resumption of the bear cycle. This 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 107.470, a Fibonacci projection. On the upside, initial firm firm resistance is seen at 108.570, the Sep 6 high.

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