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(H1) Needle Still Points South

SCHATZ TECHS
  • RES 4: 112.365 High Jan 27
  • RES 3: 112.290 High Feb 11/50-day EMA and key resistance
  • RES 2: 112.253 20-day EMA
  • RES 1: 112.245 High Feb 18
  • PRICE: 112.205 @ 05:01 GMT Feb 22
  • SUP 1: 112.200 Low Feb 18 / 19
  • SUP 2: 112.185 50.0% retracement of the Jun - Nov 2020 rally (cont)
  • SUP 3: 112.150 1.00 proj of Dec 11 -28 sell-off from Jan 27 high
  • SUP 4: 112.145 High Sep 3 and 4, 2020 (cont)

Schatz futures maintain a bearish stance. On Feb 15, the contract cleared key support at 112.235, Dec 23 low and 112.240, Jan 2, 21 and 22 low. The break negated a recent triple bottom reversal and instead confirms a resumption of the downtrend that started early November 2020. Attention is on further bearish pressure towards 112.185 next, a Fibonacci retracement. Trend resistance has been defined at 112.290, Feb 11 high.

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