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(M3) Find Support

SCHATZ TECHS
  • RES 4: 106.060 50.0% retracement of the Mar 20 - Apr 19 bear leg
  • RES 3: 106.000 Round number resistance
  • RES 2: 105.849 38.2% retracement of the Mar 20 - Apr 19 bear leg
  • RES 1: 105.665 High Apr 25
  • PRICE: 105.590 @ 05:43 BST Apr 26
  • SUP 1: 105.400/165 High Apr 21 / Low Apr 19 / 24 and bear trigger
  • 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

A recovery in Schatz futures Tuesday saw price trade above the 20-day EMA at 105.522. An extension higher would allow for a recovery towards 105.849, a Fibonacci retracement point and potentially highlight a stronger reversal set-up. On the downside, key support has been defined at 105.165, the Apr 24 and 19 low. This level is the bear trigger where a break would resume the recent downtrend.

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