Free Trial

(Z3) Key Support Remains Exposed

SCHATZ TECHS
  • 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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.