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(H2) Gains Considered Corrective

SCHATZ TECHS
  • RES 4: 112.176 76.4% retracement of the Dec 20 - Jan 19 downleg
  • RES 3: 112.122 61.8% retracement of the Dec 20 - Jan 19 downleg
  • RES 2: 112.080/090 High Jan 5 / 50-day EMA
  • RES 1: 112.060 High Jan 21 and intraday high
  • PRICE: 112.035 @ 04:45 GMT Jan 22
  • SUP 1: 111.980/890 Low Jan 21 / Low Jan 19
  • SUP 2: 112.861 1.618 proj of the Nov 26 - Dec 16 - 20 price swing
  • SUP 3: 111.824 1.764 proj of the Nov 26 - Dec 16 - 20 price swing
  • SUP 4: 111.800 Round number support

Schatz futures have recovered from last Wednesday’s low. Despite the strong rebound, short-term gains are considered corrective. The moving average set-up remains in a bear mode and this highlights a downtrend. Furthermore, last week’s move lower resulted in a break of support at 111.935, Jan 11 low and a bear trigger. This reinforces current bearish conditions. Resistance is seen at 112.90, the 50-day EMA.

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