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(M1) Corrective Cycle Extends

SCHATZ TECHS
  • RES 4: 112.150 High Apr 8
  • RES 3: 112.110/120 High May 4, 5, and 6 / High Apr 22
  • RES 2: 112.089 50-day EMA
  • RES 1: 112.060 High May 26 and intraday high
  • PRICE: 112.050 @ 05:28 BST May 27
  • SUP 1: 112.000 Low May 19
  • SUP 2: 111.993 76.4% retracement of the Feb 26 - Mar 25 rally
  • SUP 3: 111.940 Low Feb 26 ad key support
  • SUP 4: 111.860 Low Apr 15, 2019 (cont)

Recent Schatz futures gains are considered corrective. The outlook is bearish following the recent sell-off from May 5 that marked a resumption of the bear cycle since Mar 25. Recent weakness resulted in a breach of 112.060, a level that provided support in March and April. This strengthens a bearish case and opens 111.940, Feb 26 low. For bulls, a breach of 112.110 is required to signal a reversal. Resistance around the 50-day EMA is at 112.089.

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