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(H2) Approaching First Resistance

SCHATZ TECHS
  • RES 4: 112.375 1.382 proj of the Nov 16 - 26 - Dec 1 price swing
  • RES 3: 112.350 1.236 proj of the Nov 16 - 26 - Dec 1 price swing
  • RES 2: 112.305 High Nov 26 and the bull trigger
  • RES 1: 112.235 High Dec 2 / 3
  • PRICE: 112.195 @ 05:28 GMT Dec 14
  • SUP 1: 112.090 Low Dec 8
  • SUP 2: 112.070 1.000 proj of the Nov 26 - Dec 1 - Dec 3 price swing
  • SUP 3: 112.031 1.236 proj of the Nov 26 - Dec 1 - Dec 3 price swing
  • SUP 4: 112.007 1.382 proj of the Nov 26 - Dec 1 - Dec 3 price swing

Schatz futures are firmer. The contract faced strong selling pressure on Dec 8 and cleared near term support levels. The break lower strengthened a bearish threat and confirmed an extension of the pullback from 112.305, Nov 26 high. A resumption of weakness would open 112.070 and 112.031, Fibonacci retracements. The recovery since Dec 8 however is encouraging for bulls. A break of 112.235, Dec 2 / 3 high would ease any bearish threat.

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