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(M3) Testing Resistance At The 20-Day EMA

  • RES 4: 105.910 High May 16
  • RES 3: 105.775 High May 17
  • RES 2: 105.625 High May 18
  • RES 1: 105.589 50-day EMA
  • PRICE: 105.525 @ 05:33BST May 31
  • SUP 1: 105.300/160 Low May 30 / 26 and the 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

Schatz futures are holding on to this week’s gains. The contract is testing resistance at the 20-day EMA, which intersects at 105.522. A continuation higher would expose the 50-day EMA, at 105.589 and clearance of this area of resistance is required to strengthen the current bullish cycle. This would open 105.625, the May 18 high. On the downside, key support and the bear trigger, has been defined at 105.160, the May 26 low.

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