MNI China Daily Summary: Monday, June 17

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(H1) Outlook Remains Bullish

SCHATZ TECHS
  • RES 4: 112.500 200.0% retracement proj of Nov 30 - Dec 2 sell-off
  • RES 3: 112.475 176.4% retracement proj of Nov 30 - Dec 2 sell-off
  • RES 2: 112.460 161.8% retracement proj of Nov 30 - Dec 2 sell-off
  • RES 1: 112.450 High Dec 11
  • PRICE: 112.385 @ 05:20 GMT Dec 16
  • SUP 1: 112.375 Low Dec 10 and intraday low
  • SUP 2: 112.370 Low Dec 7
  • SUP 3: 112.305 Low Dec 3
  • SUP 4: 112.290 Low Dec 2 and the bear trigger

Schatz futures have corrected lower this week. The outlook though remains bullish. The Dec 7 climb resulted in a breach of resistance at 112.395, Nov 30 high. This negated the recent bearish focus and instead confirmed a resumption of the bullish leg that started Dec 2. The gains pave the way for a climb towards 112.460 next, a Fibonacci retracement extension. On the downside, initial support is seen at 112.375, Dec 10 low.

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