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(Z2) Corrective Bounce Extends

  • RES 4: 108.570 High Sep 6 and a key resistance
  • RES 3: 108.010 High Sep 13
  • RES 2: 107.760 High Sep 15
  • RES 1: 107.585 High Sep 19
  • PRICE: 107.535 @ 05:29 BST Oct 4
  • SUP 1: 106.960 Low Sep 30
  • SUP 2: 106.535 Low Sep 26 and key support
  • SUP 3: 106.379 2.382 proj of the Aug 25 - Sep 1 - Sep 6 price swing
  • SUP 4: 105.800 Low Nov 2008 (cont)

The Schatz futures trend direction remains down, however, the short-term outlook appears bullish and this was reinforced by yesterday’s strong rally. The move higher suggests the contract has entered a short-term corrective phase. Price has cleared resistance at the 20-day EMA and this opens 107.760, the Sep 15 high. Initial firm support is seen at 106.960, the Sep 30 low.

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