Free Trial

(H1) Triple Bottom Reversal Still In Play

  • RES 4: 112.425 High Dec 14
  • RES 3: 112.399 76.4% retracement of the Dec 11 - 28 downleg
  • RES 2: 112.390 High JDec 16
  • RES 1: 112.368 61.8% retracement of the Dec 11 - 28 downleg
  • PRICE: 112.340 @ 05:11 GMT Jan 29
  • SUP 1: 112.290 Low Jan 26
  • 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 traded higher Wednesday and confirmed a clear break of resistance at 112.330 in the process, the Jan 4, 5 and 15 highs. The break higher has also confirmed a triple bottom reversal pattern highlighting a short-term shift in sentiment. This signals scope for a stronger recovery with the focus on 112.368 next, a Fibonacci retracement and 112.390, the Dec 16 high. Initial support lies at 112.290, Tuesday's low.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.