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(M2) Outlook Is Bearish
- RES 4: 111.095 50.0% retracement of the Mar 7 - May 6 downleg
- RES 3: 111.000 Round number resistance
- RES 2: 110.855 High Apr 4
- RES 1: 110.593/110.690 50-day EMA / High May 12
- PRICE: 110.370 @ Close of May 27
- SUP 1: 110.110/109.980 Low May 18 / 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 are consolidating. The primary trend direction remains down and a key short-term resistance has been defined at 110.690, May 13 high. A recent bullish corrective cycle appears to be over and a resumption of weakness would refocus attention on the bear trigger at 109.980, May 6 low, where a break would resume the downtrend. The 50-day EMA, at 110.593, remains intact and this indicator represents an important resistance.
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