(M18) Breaks 5 Week Downtrend,.........>

SCHATZ TECHS: (M18) Breaks 5 Week Downtrend, 111.910-111.930 Resistance

*RES 4: 111.990 Mar 28 high, 0.1% volatility band

*RES 3: 111.960 Apr 4 high

*RES 2: 111.930 Apr 13 high

*RES 1: 111.910 Apr 27 high

*PRICE: 111.900 @0730GMT

*SUP 1: 111.830 Mar 5 high, Mar 14, Apr 23, 24 lows

*SUP 2: 111.820 1.618 swing of 111.860-111.930

*SUP 3: 111.790 50% Fibo of 111.590-111.990

*SUP 4: 111.770 0.1% volatility band

*COMMENTARY* Earlier this month was unable to mount another challenge to the Mar

28 high at 111.990, thereby leaving the next target, the Dec 19 low at 112.020

untroubled as yet. Consequently, became overbought and lost support from the

111.910-111.890 area. Below the latter cautioned near term and suggested scope

for a further 111.830-111.770 fall. Friday saw a break back above the 5 week

downtrend at 111.880 but needs above 111.910 and then 111.930 for any real lift.