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(Z3) Bear Cycle Extends

SCHATZ TECHS
  • RES 4: 105.440 High Sep 4
  • RES 3: 105.395 High Sep 5
  • RES 2: 105.240/310 High Sep 12 / 8
  • RES 1: 104.990/105.170 High Sep 18 / 14 and key resistance
  • PRICE: 104.825 @ 05:34 BST Sep 20
  • SUP 1: 104.819 1.764 proj of the Aug 24 - 30 - Sep 1 price swing
  • SUP 2: 104.720 2.00 proj of the Aug 24 - 30 - Sep 1 price swing
  • SUP 3: 104.645 Low Jul 12 (cont)
  • SUP 4: 104.620 Low Jul 11 (cont)

Schatz futures maintain a bearish tone and this week’s move lower reinforces this condition. Last week’s break of support at 105.130, the Sep 7 low, confirmed a resumption of the downtrend and has maintained the current bearish price sequence of lower lows and lower highs. The focus is on 104.819, a Fibonacci projection. Firm resistance has been defined at 105.170, the Sep 14 high.

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