(M4) Monitoring Resistance At The 20-Day EMA

• RES 4: 105.790 High Mar 25 and key resistance
• RES 3: 105.680 High Apr 12
• RES 2: 105.565 50-day EMA
• RES 1: 105.348/395 20-day EMA / High May 3
• PRICE: 105.255 @ 05:57 BST May 9
• SUP 1: 105.180/045 Low May 3 / Low Apr 30 and the bear trigger
• SUP 2: 105.000 Round number support
• SUP 3: 104.917 1.764 proj of the Aug 8 - Mar 18 - Mar 25 price swing
• SUP 4: 104.800 2.00 proj of the Mar 8 - 18 - 25 price swing

The trend direction in Schatz futures is unchanged and remains down. Recent gains are considered corrective. The break in April of 105.490, the Feb 29 low and bear trigger, confirmed a resumption of the downtrend that started late December last year. The Apr 30 move lower reinforces current conditions. Sights are on the 105.00 handle. Initial firm resistance is 105.348, the 20-day EMA. It has been pierced but remains intact for now.