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Crude Registers Fresh Highs For The Week

JGBS AUCTION

PREVIEW: 5-Year Supply Due

PHP

Peso Gains Amid Improving Market Sentiment

JGBS

Marginally Cheaper, 5-Year Supply Due

(M1) Corrective Cycle

SCHATZ TECHS
  • RES 4: 112.178 50-day EMA (cont)
  • RES 3: 112.174 0.618 proj of the Feb 26 - Mar 2 - Mar 10 price swing
  • RES 2: 112.165 High Mar 25 and the bull trigger
  • RES 1: 112.150 High Apr 8
  • PRICE: 112.145 @ 05:17 GMT Apr 9
  • SUP 1: 112.105/080 Low Apr 6 / 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

Schatz futures traded higher yesterday but remain below recent highs with key resistance at 112.165, Mar 25 high. Recent gains are considered corrective and a bearish focus remains intact. A move lower would expose support at 112.070, Mar 18 low where a break would strengthen a bearish argument and open 112.060, Mar 10 low and potentially below. On the upside, clearance of 112.165 is needed to reinstate a bullish theme.