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(H1) Key Support Remains Exposed

SCHATZ TECHS
  • RES 4: 112.368 61.8% retracement of the Dec 11 - 28 downleg
  • RES 3: 112.350 High Dec 21 / 22
  • RES 2: 112.330 High Jan 4 / 5 and 15 and a reversal trigger
  • RES 1: 112.289/295 20-day EMA / High Jan 19
  • PRICE: 112.270 @ 05:12 GMT Jan 25
  • SUP 1: 112.240 Low Jan 12, 21 and 22 low
  • SUP 2: 112.235 Low Dec 23 and the bear trigger
  • SUP 3: 112.210 Low Sep 1 (cont)
  • SUP 4: 112.195 High Jul 311, 2020 (cont)

Schatz futures recovered Friday. Last week's move lower though continues to highlight a bearish risk. The contract tested support at 112.240, Jan 12 low. A break of this level and of 112.235, Dec 28 low would confirm a resumption of the downleg that has been in place since early November. This would set the scene for a move towards 112.210, Sep 1 low (cont) and 112.195, Jul 31 high, 2020 (cont). Initial resistance is seen at 112.291.

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