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(M2) Bearish Extension

SCHATZ TECHS
  • RES 4: 112.210 High Mar 7 and short-term key resistance
  • RES 3: 112.015 High 8
  • RES 2: 111.740 High Mar 10
  • RES 1: 111.477/495 20-day EMA / High Mar 15
  • PRICE: 111.140 @ 05:30 GMT Mar 22
  • SUP 1: 111.100 Round number support
  • SUP 2: 111.065 Low Jun 5 2015 (cont)
  • SUP 3: 111.000 Psychological round number
  • SUP 4: 110.602 38.2% retracement of the 2011 - 2020 bull cycle

Schatz futures are trading lower, having started the week on a bearish note. The move lower strengthens bearish conditions and confirms a resumption of the underlying downtrend plus marks an extension of the broader bearish price sequence of lower lows and lower highs. The break lower paves the way for an extension towards the 111.000 and 111.065, the Jun 5 2015 low on the continuation chart. Initial firm resistance is seen at 111.495.

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