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(M3) Testing Resistance At The 20-Day EMA

SCHATZ TECHS
  • RES 4: 106.020 High May 11
  • RES 3: 105.910 High May 16
  • RES 2: 105.775High May 17
  • RES 1: 105.670 High May 31
  • PRICE: 105.580 @ 06:37 BST Jun 1
  • SUP 1: 105.490 Yesterday’s low
  • SUP 2: 105.300/160 Low May 30 / 26 and the bear trigger
  • SUP 3: 105.030 Low Mar 15
  • SUP 4: 104.953 76.4% retracement of the Mar 9 - 20 rally

Schatz futures traded higher again yesterday. The contract has breached both the 20- and 50-day EMAs. This has strengthened bullish conditions and signals scope for a climb towards 105.775, the May 17 high. On the downside, key support and the bear trigger, has been defined at 105.160, the May 26 low. Initial support is seen at yesterday’s low of 105.490 where a break would undermine the current bullish theme.

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