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(H1) Consolidating Ahead of Key Support

SCHATZ TECHS
  • RES 4: 112.365/68 High Jan 27 / 61.8% of the Dec 11 - 28 downleg
  • RES 3: 112.335 High Jan 1
  • RES 2: 112.305 High Feb 2
  • RES 1: 112.280 High Feb 3 and 5
  • PRICE: 112.260 @ 04:30 GMT Feb 10
  • SUP 1: 112.245 Low Feb 4, 5 and 8
  • SUP 2: 112.240 Low Jan 12, 21 and 22 low
  • SUP 3: 112.235 Low Dec 23 and the bear trigger
  • SUP 4: 112.201 0.764 proj of Dec 11 -28 sell-off from Jan 27 high

Schatz futures are consolidating and remain closer to recent lows. The contract traded higher Jan 27 clearing 112.330 in the process, Jan 4, 5 and 15 highs. The break confirmed a triple bottom reversal highlighting a shift in sentiment. While this pattern remains valid, last week's sell-off threatens recent bullish activity. The move lower has exposed key support at 112.235, Dec 23 low and 112.240, Jan 2, 21 and 22 low. Firm resistance is at 112.280.

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