(M3) Bearish Outlook

• RES 4: 106.695 High Mar 24
• RES 3: 106.315 High Mar 27
• RES 2: 106.190 High Apr 6 and key short-term resistance
• RES 1: 105.645/815 20-day EMA / High Apr 12
• PRICE: 105.265 @ 05:41 BST Apr 19
• SUP 1: 105.250 Low Apr 18
• SUP 2: 105.030 Low Mar 15
• SUP 3: 104.953 76.4% retracement of the Mar 9 - 20 rally
• SUP 4: 104.695 Low Mar 10

Schatz futures remain in a downtrend. Recent weakness has resulted in a break of support at 105.465, the Mar 31 low, and the contract is trading at its recent lows. 105.336, 61.8% of the Mar 9 - 20 rally, has been breached. The break opens 105.030, the Mar 15 low. On the upside, clearance of 106.190, Apr 6 high, is required to reinstate a bullish theme. Initial firm resistance is seen at 105.645, the 20-day EMA.