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(Z3) Short-Term Momentum Shifts Positive

SCHATZ TECHS
  • RES 4: 105.310 High Sep 8 / Oct 9
  • RES 3: 105.560 High Sep 1
  • RES 2: 105.372 76.4% Fib retracement Sep - Oct downleg
  • RES 1: 105.170 High Sep 14 and a key short-term resistance
  • PRICE: 105.295 @ 16:50 BST Oct 9
  • 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 Monday, shifting short-term momentum higher. Bulls eye 105.372 for direction, the 76.4% retracement for the Sep - Oct downleg. With key near-term resistance at 105.170, the Sep 14 high, giving way, 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.

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