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(M3) Outlook Is Bullish

SCHATZ TECHS
  • RES 4: 106.533 76.4% retracement of the Mar 20 - Apr 19 bear leg
  • RES 3: 106.271 61.8% retracement of the Mar 20 - Apr 19 bear leg
  • RES 2: 106.190 High Apr 6
  • RES 1: 106.020/106.120 High May 11 / 4
  • PRICE: 105.830 @ 05:45 BST May 16
  • SUP 1: 105.733/705 20-day EMA / Low May 10
  • 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 and the recent pullback appears to be a correction. A resumption of gains would open 106.190, the Apr 6 high and 106.271, a Fibonacci retracement point. The recovery from 105.705, the May 10 low, is a positive development and this means that prices have remained above the 20-day EMA. This average is an important short-term support and intersects at 105.733 today.

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