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(M3) Support Remains Exposed Despite Recent Gains

SCHATZ TECHS
  • RES 4: 107.110 High Dec 7 2022 (cont)
  • RES 3: 106.955 High Mar 20 and key resistance
  • RES 2: 106.315/695 High Mar 27 / 24
  • RES 1: 106.165 High Apr 5
  • PRICE: 106.025 @ 05:44 BST Apr 6
  • SUP 1: 105.763/105.465 20-day EMA / Low Mar 31
  • SUP 2: 105.336 61.8% retracement of the Mar 9 - 20 rally
  • SUP 3: 105.030 Low Mar 15
  • SUP 4: 104.953 76.4% retracement of the Mar 9 - 20 rally

Schatz futures have recovered from recent lows and the contract traded higher Wednesday. A short-term bearish threat remains present and recent gains are considered corrective - for now. The next resistance is at 106.315, the Mar 27 high. On the downside, initial support lies at 105.763, the 20-day EMA. The bear trigger lies at 105.465, the Mar 31, low where a break would open 105.336, a Fibonacci retracement.

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