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(M3) Bearish Extension

SCHATZ TECHS
  • RES 4: 106.020/106.120 High May 11 / 4
  • RES 3: 105.910 High May 16
  • RES 2: 105.775 High May 17
  • RES 1: 105.591 20-day EMA
  • PRICE: 105.240 @ 05:47 BST May 26
  • SUP 1: 105.210 Low May 25
  • SUP 2: 105.165 Low Apr 19 / 24 and bear trigger
  • SUP 3: 105.030 Low Mar 15
  • SUP 4: 104.960 Low Mar 13

A bearish cycle in Schatz futures remains in play and the contract traded to a fresh short-term cycle low yesterday. This marks an extension of the recent breach of 105.705, the May 10 low, and signals scope for a move towards 105.165 next, the Apr 19 / 24 low and a bear trigger. A break of this support would strengthen bearish conditions. Initial firm resistance is seen at 105.591, the 20-day EMA.

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