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Free Access(Z9) Bearish outlook intact *RES 4:....>
SCHATZ TECHS: (Z9) Bearish outlook intact
*RES 4: 112.565 High Sep 6 high
*RES 3: 112.520 High Sep 10 and 12
*RES 2: 112.325 Trendline resistance drawn off the Sep 3 high
*RES 1: 112.250 High Sep 17 and 18
*PRICE: 112.220 @ 03:45 GMT Sep 23
*SUP 1: 112.165 Low Sep 13
*SUP 2: 112.115 3.000 projection of Sep 6 - Sep11 decline from Sep 12 high
*SUP 3: 112.032 3.618 projection of Sep 6 - Sep11 decline from Sep 12 high
*SUP 4: 112.000 Round number support
Z9 Schatz is unchanged and continues to consolidate. Recent activity appears to
be developing into a bear flag, a continuation pattern that reinforces the
underlying bearish theme, particularly following the steep slide on Sep 12.
Support at 112.167, the 2.618 projection of the Sep 6 - Sep 11 decline from Sep
12 high is holding for now with only a brief test below it recently. A break of
the 112.165 low of Sep 13 would open 112.167/032. Trend resistance at 112.325.
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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.