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(M1) Probes Key Support

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: 112.097 20-day EMA
  • PRICE: 112.085 @ 05:23 BST May 4
  • 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 remain below resistance at 112.120, Apr 22 high and below the 20-day EMA at 112.097. Attention is on the key support at 112.060, a level that provided support in March and April. It was probed yesterday. A clear break would strengthen a bearish case and reinstate the current bear leg paving the way for weakness towards 112.053 and 112.026, Fibonacci retracements. On the upside, a breach of 112.120 alters the picture.

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