Free Trial

(M2) Outlook Is Bearish

SCHATZ TECHS
  • 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.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.