(Z9) Downtrend Intact *RES 4:..........>

SCHATZ TECHS: (Z9) Downtrend Intact

*RES 4: 112.180 High Oct 15

*RES 3: 112.165 Low Sep 13 and former breakout point

*RES 2: 112.105 High Oct 23/24 and near-term upside trigger

*RES 1: 112.065 High Oct 28

*PRICE: 112.030 @ 04:58 GMT Oct 31

*SUP 1: 111.990 Low Oct 30

*SUP 2: 111.945 0.764 projection of Sep 3 - Sep 13 decline from Oct 3 high

*SUP 3: 111.815 1.000 projection of Sep 3 - Sep 13 decline from Oct 3 high

*SUP 4: 111.687 Bear channel projection drawn off Sep 3 high

Z9 Schatz traded lower again yesterday and remains bearish with a broader price

sequence of lower lows and lower highs that began on Sep 3 still intact. The

focus is on 111.945 next with the recent 112.025 objective achieved Tuesday,

both Fibonacci projection levels. Momentum studies are oversold but don't appear

to be a threat to bears at this stage. On the upside, resistance is at 112.105,

Oct 23 high where a break is required to threaten the trend.