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(Z3) Bearish Extension

SCHATZ TECHS
  • RES 4: 105.440 High Sep 4
  • RES 3: 105.372 76.4% Fibonacci retracement Sep 1 - 21 downleg
  • RES 2: 105.220/335 High Nov 6 and 8 / High Nov 2
  • RES 1: 105.104 50-day EMA
  • PRICE: 104.995 @ 06:08 GMT Nov 13
  • SUP 1: 104.940 Low Oct 26
  • SUP 2: 104.880/765 Low Oct 20 / Sep 21 and the bear trigger
  • SUP 3: 104.720 2.00 proj of the Aug 24 - 30 - Sep 1 price swing
  • SUP 4: 104.620 Low Jul 11 (cont)

Schatz futures traded lower Friday, extending the pullback from 105.335, the Nov 2 high. A continuation lower would signal scope for an extension towards a key support at 104.765, the Sep 21 low. Initial support to watch lies at 104.940, the Oct 26 low. For bulls, a reversal higher would instead expose 105.335 key resistance, the Nov 2 high. Initial firm resistance is at 105.220, the Nov 8 high.

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