(Z3) Key Support Remains Exposed

• RES 4: 105.440 High Sep 4
• RES 3: 105.372 76.4% Fibonacci retracement Sep 1 - 21 downleg
• RES 2: 105.190/105.320 High Oct 12 / 10 and the bull trigger
• RES 1: 105.012 20-day EMA
• PRICE: 104.940 @ 05:42 BST Oct 23
• SUP 1: 104.800 Low Oct 19
• SUP 2: 104.765 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)

A bear threat in Schatz futures remains present and the contract is trading below resistance at 105.320, the Oct 10 high and a short-term bull trigger. The recent move through support at 105.035, Oct 10 low, strengthened a bearish theme and has exposed the key support at 104.765, the Sep 21 low. A break of this level would confirm a resumption of the medium-term downtrend. Initial resistance is at 105.012, the 20-day EMA.