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(Z2) Bears Remain In The Driver’s Seat

SCHATZ TECHS
  • RES 4: 107.840 High Sep 14
  • RES 3: 107.610 20-day EMA
  • RES 2: 107.380 High Sep 20
  • RES 1: 107.035 High Sep 22
  • PRICE: 106.680 @ 05:20 BST Sep 27
  • SUP 1: 106.513 2.236 proj of the Aug 25 - Sep 1 - Sep 6 price swing
  • SUP 2: 106.379 2.382 proj of the Aug 25 - Sep 1 - Sep 6 price swing
  • SUP 3: 106.000 Round number support
  • SUP 4: 105.800 Low Nov 2008 (cont)

The Schatz futures trend direction remains down and the contract traded to a fresh trend low once again on Monday, 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 106.513 next, a Fibonacci projection. On the upside, initial firm resistance is seen at 107.610, the 20-day EMA.

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  • RES 4: 107.840 High Sep 14
  • RES 3: 107.610 20-day EMA
  • RES 2: 107.380 High Sep 20
  • RES 1: 107.035 High Sep 22
  • PRICE: 106.680 @ 05:20 BST Sep 27
  • SUP 1: 106.513 2.236 proj of the Aug 25 - Sep 1 - Sep 6 price swing
  • SUP 2: 106.379 2.382 proj of the Aug 25 - Sep 1 - Sep 6 price swing
  • SUP 3: 106.000 Round number support
  • SUP 4: 105.800 Low Nov 2008 (cont)

The Schatz futures trend direction remains down and the contract traded to a fresh trend low once again on Monday, 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 106.513 next, a Fibonacci projection. On the upside, initial firm resistance is seen at 107.610, the 20-day EMA.