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(M1) Bearish Outlook

SCHATZ TECHS
  • RES 4: 112.173 0.618 proj of the Feb 26 - Mar 2 - Mar 10 price swing
  • RES 3: 112.171 50-day EMA (cont)
  • RES 2: 112.165 High Mar 25 and the bull trigger
  • RES 1: 112.150 High Apr 8
  • PRICE: 112.090 @ 05:30 BST Apr 15
  • SUP 1: 112.080 Low Mar 31
  • SUP 2: 112.070 Low Mar 18 and a key near-term support
  • SUP 3: 112.060 Low Mar 10
  • SUP 4: 112.026 61.8% retracement of the Feb 26 - Mar 25 rally

Initial Schatz futures resistance has been defined at 112.150, Mar 25 high. The contract also remains below the key resistance at 112.165, Mar 25 high. Yesterday's sell-off reinforces a bearish theme and further weakness would expose support at 112.070, Mar 18 low. Clearance of this level would strengthen a bearish argument and open 112.060, Mar 10 low and potentially below. For bulls, a break of 112.165 would reinstate a bullish theme.

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