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(M1) Needle Points South

SCHATZ TECHS
  • RES 4: 112.165 High Mar 25 and the bull trigger
  • RES 3: 112.150 High Apr 8
  • RES 2: 112.120 High Apr 22 and key short-term resistance
  • RES 1: 112.110 High May 4, 5 and 6
  • PRICE: 112.065 @ 05:05 BST May 10
  • SUP 1: 112.060/055 Congestion support in Mar and Apr / Low Apr 3
  • SUP 2: 112.053 50.0% retracement of the Feb 26 - Mar 25 rally
  • SUP 3: 112.026 61.8% retracement of the Feb 26 - Mar 25 rally
  • SUP 4: 111.993 76.4% retracement of the Feb 26 - Mar 25 rally

Schatz futures stalled last week at 112.110 and resistance at 112.120, Apr 22 high remains intact. The outlook is bearish and attention is on 112.060, a level that provided support in March and April but was probed May 3. A clear break would strengthen a bearish case and open 112.053 and 112.026, Fibonacci retracements. On the upside, a breach of 112.120 is required to signal a reversal.

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