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(Z2) Bears Still In The Driver’s Seat

SCHATZ TECHS
  • RES 4: 107.840 High Sep 14
  • RES 3: 107.518 20-day EMA
  • RES 2: 107.380 High Sep 20
  • RES 1: 107.035 High Sep 22
  • PRICE: 106.645 @ 05:31 BST Sep 28
  • 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 is unchanged and remains down with the contract trading closer to its recent lows. Recent fresh trend lows confirm 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 107.518, the 20-day EMA.

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