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SCHATZ TECHS: (M3) Bearish Outlook

SCHATZ TECHS
  • RES 4: 106.190 High Apr 6
  • RES 3: 106.020/106.120 High May 11 / 4
  • RES 2: 105.910 High May 16
  • RES 1: 105.663 20-day EMA
  • PRICE: 105.465 @ 05:19 BST May 23
  • SUP 1: 105.390 Low May 19
  • SUP 2: 105.350 Low Apr 28
  • SUP 3: 105.235 Low Apr 25
  • SUP 4: 105.165 Low Apr 19 / 24 and bear trigger

A short-term bearish cycle in Schatz futures remains in play and the contract is trading closer to its recent lows. Price last week breached support at 105.705, May 10 low. This strengthens near-term bearish conditions and signals scope for a deeper retracement towards 105.350, the Apr 28 low. On the upside, the bull trigger has been defined at 106.120, the May 4 high. Initial resistance is seen at 105.663, the 20-day EMA.

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