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(M3) Bearish Extension

SCHATZ TECHS
  • RES 4: 106.271 61.8% retracement of the Mar 20 - Apr 19 bear leg
  • RES 3: 106.190 High Apr 6
  • RES 2: 106.020/106.120 High May 11 / 4
  • RES 1: 105.910 High May 16
  • PRICE: 105.605 @ 05:35 BST May 18
  • SUP 1: 105.575 Low May 17
  • SUP 2: 105.475 Low May 2
  • SUP 3: 105.350 Low Apr 28
  • SUP 4: 105.165 Low Apr 19 / 24 and bear trigger

Schatz futures bullish conditions remain intact, however, a short-term corrective cycle is still 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 105.475 initially, the May 2 low. On the upside, the bull trigger has been defined at 106.120, the May 4 high.

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