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(Z3) Short-Term Gains Considered Corrective

SCHATZ TECHS
  • RES 4: 105.170 High Sep 14 and a key short-term resistance
  • RES 3: 105.115 High Sep 15
  • RES 2: 105.033 20-day EMA
  • RES 1: 104.995 High Sep 26
  • PRICE: 104.840 @ 05:27 BST Sep 29
  • SUP 1: 104.765 Low Sep 21 and the bear trigger
  • SUP 2: 104.720 2.00 proj of the Aug 24 - 30 - Sep 1 price swing
  • SUP 3: 104.645 Low Jul 12 (cont)
  • SUP 4: 104.620 Low Jul 11 (cont)

Schatz futures maintain a bearish tone and recent short-term gains appear to have been a correction. The recent break of support at 105.130, the Sep 7 low, confirmed a resumption of the downtrend and has maintained the bearish price sequence of lower lows and lower highs. The focus is on 104.720, a Fibonacci projection. Firm resistance has been defined at 105.170, the Sep 14 high.

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