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(M3) Bearish Outlook

SCHATZ TECHS
  • 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: 105.641 20-day EMA
  • PRICE: 105.485 @ 05:34 BST May 24
  • SUP 1: 105.355 Low May 23
  • 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 bearish cycle in Schatz futures remains in play and the contract traded to a fresh short-term cycle low yesterday. Price last week breached support at 105.705, May 10 low. This has strengthened current bearish conditions and signals scope for a retracement to 105.350 next, 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 105.641, the 20-day EMA.

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