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(Z3) Short-Term Momentum Fades

  • 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 |

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