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(M2) Trend Condition Remains Bearish

SCHATZ TECHS
  • RES 4: 111.170 High Mar 23
  • RES 3: 110.855 High Apr 4 and a key resistance
  • RES 2: 110.632/660 20-day EMA / High Apr 14
  • RES 1: 110.295 High Mar 22
  • PRICE: 110.170 @ 05:38 BST Apr 25
  • SUP 1: 110.060 Low Apr 22 / Intraday low
  • SUP 2: 110.000 Round number support
  • SUP 3: 109.983 0.50 proj of the Mar 7 - 30 - Apr 4 price swing
  • SUP 4: 109.777 0.618 proj of the Mar 7 - 30 - Apr 4 price swing

Schatz futures traded lower Friday and once again, delivered a fresh cycle low, confirming a resumption of the primary downtrend. The move lower also confirms an extension of the broader bearish price sequence of lower lows and lower highs - the definition of a downtrend. The focus is on 110.188 next, a Fibonacci projection. On the upside, key short-term resistance is at 110.660, the Apr 14 high.

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