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(M4) Gains Considered Corrective

SCHATZ TECHS
  • RES 4: 106.145 High Feb 15
  • RES 3: 106.000 Round number resistance
  • RES 2: 105.985 High Feb 20
  • RES 1: 105.850 High Feb 26
  • PRICE: 105.715 @ 05:47 GMT Mar 7
  • SUP 1: 105.625 Low Mar 4
  • SUP 2: 105.490 Low Feb 29 and the bear trigger
  • SUP 3: 105.375 1.236 proj of the Feb 26 - 29 - Mar 5 price swing
  • SUP 4: 105.280 1.50 proj of the Feb 26 - 29 - Mar 5 price swing

The downtrend in Schatz futures remains intact and the contract traded to a fresh cycle low last week, reinforcing current conditions. The move down maintains the price sequence of lower lows and lower highs and note too that moving average studies are in a bear mode position, highlighting a clear downtrend. Short-term gains are considered corrective with initial resistance at 105.850, the Feb 26 high. The bear trigger lies at 105.490, the Feb 29 low.

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