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(M2) Gains Considered Corrective

SCHATZ TECHS
  • RES 4: 110.855 High Apr 4
  • RES 3: 110.745 50-day EMA
  • RES 2: 110.540 High Apr 28 and a key resistance
  • RES 1: 110.354 20-day EMA
  • PRICE: 110.285 @ 05:07 BST May 10
  • SUP 1: 109.980 Low May 6 and the 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)

The trend direction in Schatz futures remains down and short-term gains are considered corrective. Last week’s fresh cycle lows reinforce a bearish theme. The move lower confirms a continuation of the primary downtrend and an extension of the broader bearish price sequence of lower lows and lower highs. MA studies remain in a bear mode. The focus is on 109.777 next, a Fibonacci projection. Key short-term resistance is 110.540, the Apr 28 high.

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