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(M2) Bearish Theme Remains Intact

SCHATZ TECHS
  • RES 4: 110.877 50-day EMA
  • RES 3: 110.855 High Apr 4
  • RES 2: 110.660 High Apr 14 and a key resistance
  • RES 1: 110.486 20-day EMA
  • PRICE: 110.215 @ 05:00 BST May 3
  • SUP 1: 110.060 Low Apr 22 and the bear trigger
  • SUP 2: 110.000 Round number support
  • SUP 3: 109.983 0.50 proj of the Mar 7 - 30 - Apr 4 price swing
  • SUP 4: 109.777 0.618 proj of the Mar 7 - 30 - Apr 4 price swing

The trend direction in Schatz futures remains down and short-term gains are considered corrective. The contract traded to fresh cycle lows recently. This confirms a resumption of the primary downtrend and an extension of the broader bearish price sequence of lower lows and lower highs. Moving average studies remain in a bear mode. The focus is on 109.983 next, a Fibonacci projection. Key short-term resistance is 110.660, the Apr 14 high.

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