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(Z2) Remains Below Resistance

  • RES 4: 108.010 High Sep 13
  • RES 3: 107.770 High Oct 4 and the reversal trigger
  • RES 2: 107.180/360 High Oct 13 and key resistance/ High Oct 6
  • RES 1: 106.988 20-day EMA
  • PRICE: 106.830 @ 05:33 BST Oct 24
  • SUP 1: 106.350 Low Oct 21
  • SUP 2: 106.270 2.50 proj of the Aug 25 - Sep 1 - Sep 6 price swing
  • SUP 3: 106.00 Round number support
  • SUP 4: 105.800 Low Nov 2008 (cont)

The Schatz futures primary trend direction is down and the latest recovery is likely a correction. Last week’s move lower resulted in a break of support at 106.535, Sep 26 low. This confirms a resumption of the primary downtrend and maintains the bearish price sequence of lower lows and lower highs. The move lower paves the way for 106.270 next, a Fibonacci extension. Key short-term resistance has been defined at 107.180, the Oct 13 high.

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