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(H4) Bears Remain In The Driver’s Seat

  • RES 4: 105.659 50-day EMA
  • RES 3: 105.585 High Feb 15
  • RES 2: 105.414 20-day EMA
  • RES 1: 105.310 High Feb 26
  • PRICE: 105.115 @ 05:46 GMT Mar 1
  • SUP 1: 104.980 Low Feb 29
  • SUP 2: 104.940 2.50 projection of the Jan 12 - 25 - 31 price swing
  • SUP 3: 104.880 2.618 projection of the Jan 12 - 25 - 31 price swing
  • SUP 4: 104.800 Low Oct 19 (cont)

The downtrend in Schatz futures remains intact and the contract traded to a fresh cycle low Thursday. The latest move down maintains the bearish price sequence of lower lows and lower highs and note too that moving average studies are in a bear mode position, highlighting a clear downtrend. Short-term gains are considered corrective with firm resistance at the 20-day EMA - at 105.414. The next objective is 104.940, a Fibonacci projection.

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