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(H1) Key Support Remains Exposed

SCHATZ TECHS
  • RES 4: 112.390 High Dec 16
  • RES 3: 112.365/68 High Jan 27 / 61.8% of the Dec 11 - 28 downleg
  • RES 2: 112.335 High Jan 1
  • RES 1: 112.305 High Feb 2
  • PRICE: 112.270 @ 05:23 GMT Feb 8
  • SUP 1: 112.245 Low Feb 4 and 5
  • 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 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 reversal pattern remains valid, last week's sell-off threatens recent bullish price action. The move lower has exposed key support at 112.235, Dec 23 low and 112.240, Jan 2, 21 and 22 low. Initial resistance is at 112.305. Key resistance is 112.365, Jan 27 high.

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