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Monitoring The 20-Day EMA

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(M2) Remains Below The 50-Day EMA

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: 110.680/110.690 50-day EMA / High May 13
  • PRICE: 110.275 @ 05:21 BST May 18
  • 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 the recent bullish corrective cycle appears to be over. The contract traded lower yesterday but remains above its recent low. A continuation lower would refocus attention on the bear trigger at 109.980, the May 6 low. The 50-day EMA, at 110.680, remains intact and this indicator represents an important resistance. A breach of 109.980 would resume the downtrend.

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  • 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: 110.680/110.690 50-day EMA / High May 13
  • PRICE: 110.275 @ 05:21 BST May 18
  • 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 the recent bullish corrective cycle appears to be over. The contract traded lower yesterday but remains above its recent low. A continuation lower would refocus attention on the bear trigger at 109.980, the May 6 low. The 50-day EMA, at 110.680, remains intact and this indicator represents an important resistance. A breach of 109.980 would resume the downtrend.