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(H1) Strong Bounce Exposes Resistance

  • 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: 112.329 50-day EMA
  • PRICE: 112.315 @ 05:06 GMT Jan 26
  • SUP 1: 112.291 20-day EMA
  • SUP 2: 112.270 Low Jan 25
  • SUP 3: 112.240 Low Jan 12, 21 and 22 low
  • SUP 4: 112.235 Low Dec 23 and the bear trigger

Schatz futures rallied yesterday extending the bounce from key support at 112.240, the Jan 12. 21 and 22 lows. Attention turns to the key resistance at 112.330, the Jan 4, 5 and 15 high. A break would reinforce a bullish picture and signal a strong short-term reversal. This would open 112.329, the 50-day EMA and potentially beyond. On the downside, the price needs to move below yesterday's low of 112.270 to highlight a bearish risk once again.

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