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(M1) Remains Heavy

SCHATZ TECHS
  • RES 4: 112.189 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: 112.130 High Mar 30
  • PRICE: 112.095 @ 05:05 GMT Mar 31
  • SUP 1: 112.085 Low Mar 30
  • 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 have pulled back from recent highs and the contract appears likely to extend its current retracement. This would expose support at 112.070, Mar 18 low where a break would strengthen a bearish argument and suggest scope for a deeper pullback to 112.060 and potentially below. On the upside, key resistance has been defined at 112.165, Mar 25 high. A break above this level is required to reinstate the recent bullish theme.

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