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(M2) Outlook Remains Bearish

SCHATZ TECHS
  • RES 4: 111.170 High Mar 23
  • RES 3: 110.855 High Apr 4 and a key resistance
  • RES 2: 110.591/660 20-day EMA / High Apr 14
  • RES 1: 110.480 High Apr 26
  • PRICE: 110.415 @ 05:17 BST Apr 27
  • 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 remain in a downtrend and this week’s recovery is likely a correction. The contract traded to fresh cycle lows recently, 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, that defines a downtrend. The focus is on 109.983 next, a Fibonacci projection. Key short-term resistance is at 110.660, the Apr 14 high.

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