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(Z3) Trend Needle Points South

SCHATZ TECHS
  • RES 4: 105.170 High Sep 14 and a key short-term resistance
  • RES 3: 105.117 20-day EMA
  • RES 2: 105.010 Low Sep 13
  • RES 1: 104.920 High Sep 20
  • PRICE: 104.905 @ 05:36 BST Sep 22
  • SUP 1: 104.765 Low Sep 21
  • 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 this week’s move lower reinforces this condition. The recent break of support at 105.130, the Sep 7 low, confirmed a resumption of the downtrend and has maintained the current 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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