Free Trial

(M1) Bearish Theme Intact

SCHATZ TECHS
  • RES 4: 112.165 High Mar 25 and the bull trigger
  • RES 3: 112.150 High Apr 8
  • RES 2: 112.110/120 High May 4, 5, and 6 / High Apr 22
  • RES 1: 112.072 20-day EMA
  • PRICE: 112.030 @ 05:04 BST May 17
  • SUP 1: 112.005 Low May 13
  • SUP 2: 112.000 Round number support
  • SUP 3: 111.993 76.4% retracement of the Feb 26 - Mar 25 rally
  • SUP 4: 111.940 Low Feb 26 ad key support

Schatz futures maintain a bearish tone following last week's sell-off and resumption of the bearish cycle that started Mar 25. Recent weakness has resulted in a break of 112.060, a level that provided support in March and April. The clear break strengthens a bearish case and paves the way for weakness below 112.00 and towards 111.940, Feb 26 low. On the upside, a breach of 112.110 is required to signal a reversal. Bearish!

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.