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(M2) Downtrend Remains Intact

SCHATZ TECHS
  • RES 4: 111.355 High Mar 21
  • RES 3: 111.170 High Mar 23
  • RES 2: 110.855 High Apr 4 and a key resistance
  • RES 1: 110.766 20-day EMA
  • PRICE: 110.535 @ 05:21 BST Apr 19
  • SUP 1: 110.295 Low Apr 12
  • 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 gains are considered corrective and trend conditions remain bearish. The Apr 12 cycle low of 110.295 confirmed 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 110.188 next, a Fibonacci projection. On the upside, key short-term resistance is unchanged at 110.855, the Apr 4 high.

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