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(M2) Remains Above Its 20-Day EMA

SCHATZ TECHS
  • RES 4: 111.000 Round number resistance
  • RES 3: 110.855 High Apr 4
  • RES 2: 110.706 50-day EMA
  • RES 1: 110.690 High MAy 13
  • PRICE: 110.550 @ 05:07 BST May 16
  • SUP 1: 110.210/109.980 Low May 10 / 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)

The primary trend direction in Schatz futures remains down and recent short-term gains are considered corrective. The contract remains above its 20-day EMA and the extension higher last week resulted in a break of 110.540, the Apr 28 high and a key resistance. This opens 110.706 next, the 50-day EMA. A turn lower would refocus attention on the bear trigger at 109.980, May 6 low. A break would resume the downtrend.

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