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(H3) Downtrend Intact

SCHATZ TECHS
  • RES 4: 105.6943 50-day EMA
  • RES 3: 105.425 High Feb 16
  • RES 2: 105.402 20-day EMA
  • RES 1: 105.090/195 High Feb 28 / 27
  • PRICE: 104.940 @ 05:28 GMT Mar 1
  • SUP 1: 104.850 Low Feb 28
  • SUP 2: 104.842 2.50 proj of the Jan 18 - Feb 1 - Feb 2 price swing
  • SUP 3: 104.620 Lower 3.0% Bollinger Band
  • SUP 4: 104.585 3.00 proj of the Jan 18 - Feb 1 - Feb 2 price swing

Schatz futures remain in a clear downtrend and Tuesday’s extension lower and fresh YTD lows reinforces bearish conditions. The move maintains the bearish price sequence of lower lows and lower highs. The 105.000 handle has been breached and this paves the way for a move towards 104.842, a Fibonacci projection. On the upside, firm resistance is seen at 105.402, the 20-day EMA. Clearance of this resistance would signal a short-term reversal.

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