May 31, 2024 05:21 GMT
(M4) Trend Structure Remains Bearish
SCHATZ TECHS
- RES 4: 105.790 High Mar 25 and key resistance
- RES 3: 105.680 High Apr 12
- RES 2 105.395 High May 31
- RES 1: 105.127/344 20- and 50-day EMA values
- PRICE: 104.970 @ 05:52 BST May 31
- SUP 1: 104.880 Low May 24
- SUP 2: 104.800 2.00 proj of the Mar 8 - 18 - 25 price swing
- SUP 3: 104.745 Low Sep 26 2023 (cont) and a key support
- SUP 4: 104.683 2.236 proj of the Mar 8 - 18 - 25 price swing
Schatz futures are in consolidation mode. The trend direction is unchanged and remains down. Recent bearish price action resulted in a break of key support and a bear trigger at 105.045, the Apr 30 low. The move down paves the way for an extension towards 104.800, a Fibonacci projection. Moving average studies remain in a bear-mode set-up highlighting a clear downtrend. Initial firm resistance is seen at 105.127, the 20-day EMA.
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