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(Z2) Corrective Cycle Still In Play

SCHATZ TECHS
  • RES 4: 108.845 High Aug 25
  • RES 3: 108.570 High Sep 6 and a key resistance
  • RES 2: 108.010 High Sep 13
  • RES 1: 107.770 High Oct 4
  • PRICE: 107.515 @ 05:43 BST Oct 5
  • SUP 1: 107.414/106.960 20-day EMA / 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 primary trend direction in Schatz futures remains down, however, the short-term outlook is bullish and this has been reinforced by this week’s strong rally. The move higher suggests the contract has entered a corrective phase. Price has cleared resistance at the 20-day EMA and this opens 108.010, the Sep 13 high. Initial firm support is seen at 106.960, the Sep 30 low.

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