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(M2) Bearish Extension

SCHATZ TECHS

SCHATZ TECHS:

  • RES 4: 111.355 High Mar 21
  • RES 3: 111.170 High Mar 23
  • RES 2: 110.908 20-day EMA
  • RES 1: 110.690/855 High Apr 8 / High Apr 4 and key resistance
  • PRICE: 110.400 @ 05:30 BST Apr 11
  • SUP 1: 110.360 Low Apr 29 2014 (cont)
  • SUP 2: 110.188 0.382 proj of the Mar 7 - 30 - Apr 4 price swing
  • SUP 3: 110.000 Round number support
  • SUP 4: 109.983 0.50 proj of the Mar 7 - 30 - Apr 4 price swing

Schatz futures are weaker today and have traded to a fresh cycle low, breaking support at 110.465, the Mar 30 low. This confirms a resumption of the primary downtrend and an extension of the broader bearish price sequence of lower lows and lower highs. The move lower paves the way for weakness towards 110.360 next, the Apr 29 2014 low (cont). On the upside, key short-term resistance has been defined at 110.855, the Apr 4 high

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