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(M1) Corrective Cycle Still In Play

SCHATZ TECHS
  • RES 4: 112.305 High Feb 2 (cont)
  • RES 3: 112.290 High Feb 11 (cont)
  • RES 2: 112.262 50-day EMA (cont)
  • RES 1: 112.1251 High Mar 1 and 2
  • PRICE: 112.080 @ 05:10 GMT Mar 5
  • SUP 1: 112.045 Low Mar 1
  • SUP 2: 112.033 50.0% retracement of the Feb 26 - Mar 2 rally
  • SUP 3: 112.011 61.8% retracement of the Feb 26 - Mar 2 rally
  • SUP 4: 111.984 76.4% retracement of the Feb 26 - Mar 2 rally

Schatz futures remain in a bear trend although the sharp recovery from 111.940, Feb 26 low, means this market has entered a corrective cycle. This is allowing a recent oversold trend condition to unwind. Short-term resistance has been defined at 112.125, Mar 1 and 2 high. A break would signal scope for a stronger recovery. On the downside, a pullback would instead highlight a potential start of the downtrend and a return to 111.940, the Feb 26 low.

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