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(Z3) Corrective Cycle Remains In Play

SCHATZ TECHS
  • RES 4: 105.440 High Sep 4
  • RES 3: 105.372 76.4% Fibonacci retracement Sep 1 - 21 downleg
  • RES 2: 105.320 High Oct 10 and the bull trigger
  • RES 1: 105.245 High Oct 30
  • PRICE: 105.130 @ 05:16 GMT Nov 1
  • SUP 1: 105.050 20-day EMA
  • SUP 2: 104.940/765 Low Oct 26 / Low 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 are trading closer to their recent gains. The broader trend outlook is bearish and recent gains are considered corrective. Key resistance is at 105.320, the Oct 10 high and marks the short-term bull trigger. A resumption of weakness would refocus attention on key support at 104.765, the Sep 21 low. A break of this level would confirm a resumption of the medium-term downtrend. Clearance of 105.320 would alter the picture.

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