SCHATZ: Running Into Strong Resistance
Jason Sen | May 26, 2014 12:25AM ET
SCHATZ continued higher last week using the 100 week moving average as support. Prices hit our target of 110.63/64 and topped there. Above here, this week we run in to strong resistance from the January/February/March highs at 110.66. We should struggle as we become overbought and a high for the week is possible. A break above the November highs at 110.67 would therefore be required to continue the bull run and target 110.71/72.
Immediate support is at 110.61/60 then last week's low and the 100 week moving average at support of 110.58/57 which should hold the downside today. However, below here there is a buying opportunity at 110.53/52.
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