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(M2) Bearish Conditions

  • RES 4: 111.740 High Mar 10
  • RES 3: 111.560 High Mar 11
  • RES 2: 111.368 20-day EMA
  • RES 1: 111.205 Low Mar 16 and high Mar 22
  • PRICE: 111.025 @ 05:27 GMT Mar 25
  • SUP 1: 110.985 Low Mar 24
  • SUP 2: 110.602 38.2% retracement of the 2011 - 2020 bull cycle
  • SUP 3: 110.590 Low Jun 10/11 2014 (cont)
  • SUP 4: 110.475 Low May 12 2014 (cont)

Schatz futures remain vulnerable. The move lower this week has strengthened bearish conditions and confirmed a resumption of the underlying downtrend plus, it marks an extension of the broader bearish price sequence of lower lows and lower highs. 111.00 has been probed and this paves the way for a move towards 111.065, the Jun 5 2015 low on the continuation chart. Initial firm resistance is seen at 111.405.

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