Free Trial

(Z3) Short-Term Momentum Fades

SCHATZ TECHS
  • RES 4: 106.102 1.0% 10-dma envelope
  • RES 3: 105.560 High Sep 1
  • RES 2: 105.372 76.4% Fib retracement Sep - Oct downleg
  • RES 1: 105.320 High Oct 10
  • PRICE: 105.050 @ 16:49 BST Oct 12
  • SUP 1: 104.905 Low Oct 4
  • SUP 2: 104.830/765 Low Sep 29 / 21 and the bear trigger
  • SUP 3: 104.720 2.00 proj of the Aug 24 - 30 - Sep 1 price swing
  • SUP 4: 104.645 Low Jul 12 (cont)

Schatz futures made light work of resistance at both the 50- and 100-dmas earlier this week, but momentum failed to sustain further gains. Key near-term resistance at 105.170, the Sep 14 high, gave way on the move, meaning the downtrend has now concluded. On the downside, watch support at 104.905, the Oct 4 low. A break of this level would signal a resumption of the trend and expose key support at 104.765, the Sep 21 low and bear trigger.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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.