(M0) Bearish Focus *RES 4: 112.270.....>

SCHATZ TECHS: (M0) Bearish Focus

*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: 112.105 High May 26

*PRICE: 112.060 @ 05:02 BST Jun 2

*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 are unchanged and remain bearish. The contract traded lower last

week to confirm a resumption of the downtrend in place since 112.400, Apr 5

high. The move lower maintains the bearish price sequence of lower lows and

lower highs reinforcing bearish conditions. This has opened 111.965, Apr 9 low

ahead of the major support of 111.925, Mar 25 low. A break of the latter would

strengthen a bearish argument. Key resistance is at 112.140.