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(M1) Focus Is On Support

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: 112.145 High Apr 1
  • PRICE: 112.125 @ 05:16 GMT Apr 8
  • SUP 1: 112.080 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 are unchanged and remain below recent highs. A bearish focus however remains intact despite the Apr 1 rally. 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, key resistance has been defined at 112.165, Mar 25 high. Clearance of this level is needed to reinstate the recent bullish theme.

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