(M0) Bearish Focus Intact *RES 4:......>

SCHATZ TECHS: (M0) Bearish Focus Intact

*RES 4: 112.270 High May 14, 15 and 18

*RES 3: 112.159 50-day EMA

*RES 2: 112.140 High May 21 and 22 and key near-term resistance

*RES 1: 112.111 20-day EMA

*PRICE: 112.010 @ 05:02 BST Jun 3

*SUP 1: 111.980 Low May 27 and bear trigger

*SUP 2: 111.965 Low May 9 low and a key support

*SUP 3: 111.925 May 25 low and major support

*SUP 4: 111.797 0.618 projection of Mar 9 - 25 decline from May 4 high

Schatz futures continue to trade within the recent range. The outlook is

bearish. The contract traded lower last week to confirm a resumption of the

downtrend since 112.400, Apr 5 high. The move lower maintains a bearish price

sequence of lower lows and lower highs that defines a downtrend. This has opened

111.965, Apr 9 low ahead of major support at 111.925, Mar 25 low. A break of the

latter would strengthen a bearish argument. Key resistance is 112.140.