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(M2) Bearish Theme Intact

SCHATZ TECHS
  • RES 4: 110.855 High Apr 4
  • RES 3: 110.690 High May 12 and the reversal trigger
  • RES 2: 110.500 High May 26 and key near-term resistance
  • RES 1: 110.298 20-day EMA
  • PRICE: 110.040 @ 05:20 BST June 2
  • SUP 1: 109.980 Low May 6 and bear trigger
  • SUP 2: 109.777 0.618 proj of the Mar 7 - 30 - Apr 4 price swing
  • SUP 3: 109.555 Low Oct 31 2011 (cont)
  • SUP 4: 109.340 Low Oct 28 011 (cont)

Schatz futures on Tuesday, traded through initial support at 110.110, May 18 low. A continuation lower has refocused attention on the bear trigger at 109.980, May 6 low, where a break would resume the primary downtrend. Moving average studies remain in a bear mode highlighting the broader market sentiment. Initial firm resistance has been defined at 110.500, the May 26 high.

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