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(M1) Bearish Theme Intact

  • 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!

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