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(H1) Still Vulnerable

SCHATZ TECHS
  • RES 4: 112.335 High Jan 1
  • RES 3: 112.300 50-day EMA
  • RES 2: 112.290 High Feb 11 and key resistance
  • RES 1: 112.250 High Feb 15
  • PRICE: 112.240 @ 05:20 GMT Feb 18
  • SUP 1: 112.205 Low Feb 17
  • SUP 2: 112.201 0.764 proj of Dec 11 -28 sell-off from Jan 27 high
  • SUP 3: 112.185 50.0% retracement of the Jun - Nov 2020 rally
  • SUP 4: 112.150 1.00 proj of Dec 11 -28 sell-off from Jan 27 high

Schatz futures remain softer and gains are considered corrective. On Monday the contract cleared key support at 112.235, Dec 23 low and 112.240, Jan 2, 21 and 22 low. The break negated the recent triple bottom reversal and instead confirmed a resumption of the downtrend that started early November 2020. Attention is on further bearish pressure and 112.201 next, a Fibonacci projection. Trend resistance has been defined at 112.290, Feb 11 high.

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