Free Trial

(H2) Corrective Bounce

SCHATZ TECHS
  • RES 4: 112.155 High Dec 23
  • RES 3: 112.120 High Dec 27
  • RES 2: 112.052/080 20-day EMA / High Jan 5
  • RES 1: 112.020 High Jan 13 and intraday high
  • PRICE: 112.000 @ 05:29 GMT Jan 14
  • SUP 1: 111.935 Low Jan 11 and the bear trigger
  • SUP 2: 112.920 1.382 proj of the Nov 26 - Dec 16 - 20 price swing
  • SUP 3: 111.890 1.50 proj of the Nov 26 - Dec 16 - 20 price swing
  • SUP 4: 111.844 3.0% Lower Bollinger Band

The Schatz futures outlook remains bearish despite recent gains. Last week’s extension lower and this week’s confirmed break of support at 111.985, Jan 3 low reinforces a bearish theme. It marks a resumption of the downtrend and paves the way for weakness towards 111.920 next, a Fibonacci projection. On the upside, initial firm resistance is seen at the 20-day EMA that intersects at 112.052 today. A break would ease bearish pressure.

To read the full story

Close

Why MNI

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.