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(M2) Outlook Remains 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: 110.600/110.690 50-day EMA / High May 12
  • PRICE: 110.360 @ 05:09 BST May 26
  • 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)

Schatz futures are consolidating. The primary trend direction remains down and following the pullback from 110.690, May 13 high, the recent bullish corrective cycle appears to be over. 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 110.600, remains intact and this indicator represents an important resistance.

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