Free Trial

(H1) Bearish With Triple Bottom Negated

SCHATZ TECHS
  • RES 4: 112.335 High Jan 1
  • RES 3: 112.306 50-day EMA
  • RES 2: 112.290 High Feb 11 and key resistance
  • RES 1: 112.250 High Feb 15
  • PRICE: 112.230 @ 05:25 GMT Feb 16
  • SUP 1: 112.220 Low Feb 15
  • SUP 2: 112.201 0.764 proj of Dec 11 -28 sell-off from Jan 27 high
  • SUP 3: 112.185 50.0% retracement of the Jun - Nov 2020 rally
  • SUP 4: 112.150 1.00 proj of Dec 11 -28 sell-off from Jan 27 high

Schatz futures are softer. Yesterday, the contract cleared the key support area at 112.235, Dec 23 low and 112.240, Jan 2, 21 and 22 low. The break lower negates the recent triple bottom reversal and instead confirms a resumption of the downtrend that started early November 2020. Attention is on further bearish pressure with the focus on 112.201 next, a Fibonacci projection. Trend resistance has been defined at 112.290, Feb 11 high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.