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(M2) Fresh Cycle Low

SCHATZ TECHS
  • RES 4: 110.850 50-day EMA
  • RES 3: 110.855 High Apr 4
  • RES 2: 110.540 High Apr 28 and a key resistance
  • RES 1: 110.458 20-day EMA
  • PRICE: 110.065 @ 05:19 BST May 4
  • SUP 1: 110.045 Intraday low
  • 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 today’s fresh cycle low reinforces this condition. The move lower 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 110.540, the Apr 28 high.

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