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(H1) Triple Bottom Negated

  • RES 4: 112.335 High Jan 1
  • RES 3: 112.309 50-day EMA
  • RES 2: 112.290 High Feb 11
  • RES 1: 112.250 Intraday high
  • PRICE: 112.235 @ 09:37 GMT Feb 15
  • SUP 1: 112.220 Intraday low
  • 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 are softer today and the contract has cleared the key support area at 112.235, Dec 23 low and 112.240, Jan 2, 21 and 22 low. The break lower negates the recent triple bottom reversal and instead confirms a resumption of the downtrend that started early November 2020. Attention is on further bearish pressure with the focus on 112.201 next, a Fibonacci projection. Trend resistance has been defined at 112.290, Feb 11 high.

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