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(Z2) Trend Needle Still Points South

  • RES 4: 108.010 High Sep 13
  • RES 3: 107.770 High Oct 4 and key resistance
  • RES 2: 107.610 High Oct 5
  • RES 1: 107.135 20-day EMA
  • PRICE: 106.915 @ 05:41 BST Oct 18
  • SUP 1: 106.775 Low Oct 11
  • 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)

Schatz futures continue to consolidate. The primary trend direction is down. The reversal from 107.770, Oct 4 high, signals a resumption of the broader downtrend and attention is on key support and the bear trigger at 106.535, the Sep 26 low. A break would confirm a resumption of the primary downtrend. Key resistance has been defined at 107.770, where a breach would highlight a stronger reversal.

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