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(Z2) Fresh Trend Low

SCHATZ TECHS
  • RES 4: 109.000 Round number resistance
  • RES 3: 108.845 High Aug 25
  • RES 2: 108.045/570 High Sep 9 / 6 and key short-term resistance
  • RES 1: 107.760 High Sep 15
  • PRICE: 107.360 @ 05:21 BST Sep 20
  • SUP 1: 107.330 Low Sep 19
  • SUP 2: 107.253 1.236 proj of the Aug 25 - Sep 1 - Sep 2 price swing
  • SUP 3: 107.00 Round number support
  • SUP 4: 107.119 1.382 proj of the Aug 25 - Sep 1 - Sep 2 price swing

Schatz futures trend direction remains down and the contract traded to a fresh trend low once again yesterday, 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 107.253, a Fibonacci projection. On the upside, initial firm resistance is seen at 108.045, the Sep 9 high.

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