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(M1) Remains Below Recent Highs

SCHATZ TECHS
  • RES 4: 112.185 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: 112.130 @ 05:18 GMT Apr 6
  • 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 remain below recent highs and the contract appears likely to extend a retracement lower despite Thursday's gains. This 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. A break above this level is needed to reinstate the recent bullish theme.

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