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(M3) Bear Cycle Extends
- RES 4: 106.190 High Apr 6
- RES 3: 106.020/106.120 High May 11 / 4
- RES 2: 105.910 High May 16
- RES 1: 105.703 20-day EMA
- PRICE: 105.495 @ 05:03 BST May 19
- SUP 1: 105.475 Low May 2
- SUP 2: 105.350 Low Apr 28
- SUP 3: 105.235 Low Apr 25
- SUP 4: 105.165 Low Apr 19 / 24 and bear trigger
A short-term bearish cycle in Schatz futures remains in play and the contract traded lower once again yesterday. Price has breached support at 105.705, the May 10 low. The clear break of this level strengthens near-term bearish conditions and signals scope for a deeper retracement towards 105.350, the Apr 28 low. On the upside, the bull trigger has been defined at 106.120, the May 4 high. Initial resistance is seen at 105.703, the 20-day EMA.
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