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(Z3) Bearish Extension

SCHATZ TECHS
  • RES 4: 105.704 1.236 projection of the Aug 15 - 24 - 30 price swing
  • RES 3: 105.580 High Aug 24 and a key resistance
  • RES 2: 105.440 High Sep 4
  • RES 1: 105.395 High Sep 5
  • PRICE: 105.165 @ 05:45 BST Sep 7
  • SUP 1: 105.130 Intraday low
  • SUP 2: 105.041 1.236 proj of the Aug 24 - 30 - Sep 1 price swing
  • SUP 3: 105.000 Round number support
  • SUP 4: 104.980 1.382 proj of the Aug 24 - 30 - Sep 1 price swing

Schatz futures maintain a bearish tone and have extended the pullback from the early September high. The contract has breached support at 105.160, the Aug 30 low and this strengthens the current bearish theme. The move lower signals scope for a move towards 105.041, a Fibonacci projection. On the upside, initial resistance is at 105.395, the Sep 5 high. Key resistance has been defined at 105.580, the Aug 24 high.

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