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(M3) Remains Vulnerable

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: 105.685 20-day EMA
  • PRICE: 105.550 @ 05:35 BST May 22
  • SUP 1: 105.390 Low May 19
  • 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 short-term bearish cycle in Schatz futures remains in play and the contract traded lower once again Friday. Price breached support last week at 105.705, the May 10 low. The clear break strengthens near-term bearish conditions and signals scope for a deeper retracement towards 105.350, 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 105.685, the 20-day EMA.

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