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(M3) Pierces Key Support

SCHATZ TECHS
  • RES 4: 105.910 High May 16
  • RES 3: 105.775 High May 17
  • RES 2: 105.595 High May 22
  • RES 1: 105.527 20-day EMA
  • PRICE: 105.325 @ 05:35 BST May 30
  • SUP 1: 105.360 Low May 29
  • 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 bearish cycle in Schatz futures remains in play and the contract traded to a fresh short-term cycle low yesterday, piercing support at 105.165. This reinforces bearish conditions and a clear breach of 105.165, would signal scope for a continuation lower towards the 105.00 handle. Initial firm resistance is seen at 105.527, the 20-day EMA. A break of this EMA would ease the current bearish threat.

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