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(Z2) Short-Term Gains Considered Corrective

SCHATZ TECHS
  • RES 4: 109.280 High Aug 17
  • RES 3: 109.000 Round number resistance
  • RES 2: 108.845 High Aug 25
  • RES 1: 108.570 High Sep 6
  • PRICE: 108.260 @ 05:12 BST Sep 7
  • SUP 1: 108.115/107.925 Low Sep 5 / 1 and the bear trigger
  • SUP 2: 107.821 0.618 proj of the Aug 25 - Sep 1 - Sep 2 price swing
  • SUP 3: 107.687 0.764 proj of the Aug 25 - Sep 1 - Sep 2 price swing
  • SUP 4: 107.470 1.00 proj of the Aug 25 - Sep 1 - Sep 2 price swing

Schatz futures traded in a volatile manner yesterday. The contract remains above last week’s 107.925 low (Sep 1). The trend direction is down and short-term gains are considered corrective. A break of 107.925 would confirm a resumption of bearish activity and maintain the current price sequence of lower lows and lower highs. The focus is on 107.687, a Fibonacci projection. On the upside, initial resistance is seen at 108.570, Tuesday’s high.

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