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(Z2) Corrective Bounce

SCHATZ TECHS
  • RES 4: 107.585 High Sep 19
  • RES 3: 107.392 20-day EMA
  • RES 2: 107.380 High Sep 20
  • RES 1: 107.265 High Sep 30
  • PRICE: 107.075 @ 05:29 BST Oct 3
  • 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 latest recovery is considered corrective. Recent fresh trend lows confirm once again an extension of the bear cycle. This also maintains the current bearish price sequence of lower lows and lower highs and moving average studies remain in a bear mode position. The focus is on 106.513 next, a Fibonacci projection. On the upside, initial firm resistance is seen at 107.392, the 20-day EMA.

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