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(M2) Bearish Theme

SCHATZ TECHS
  • RES 4: 111.740 High Mar 10
  • RES 3: 111.560 High Mar 11
  • RES 2: 111.405 20-day EMA
  • RES 1: 111.205 Low Mar 16 and high Mar 22
  • PRICE: 111.105 @ 04:49 GMT Mar 24
  • SUP 1: 111.050 Low Mar 23
  • SUP 2: 111.000 Psychological round number
  • SUP 3: 110.602 38.2% retracement of the 2011 - 2020 bull cycle
  • SUP 4: 110.590 Low Jun 10/11 2014 (cont)

Schatz futures remain bearish. The move lower this week 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 a move towards 111.000 and 111.065. The latter is the Jun 5 2015 low on the continuation chart. Initial firm resistance is seen at 111.405.

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