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(H2) Gains Considered Corrective

SCHATZ TECHS
  • RES 4: 111.977 50-day EMA
  • RES 3: 111.870 High Feb 3
  • RES 2: 111.824 20-day EMA
  • RES 1: 111.615 High Jan 4
  • PRICE: 111.515 @ 05:20 GMT Feb 9
  • SUP 1: 111.250/208 Low Feb 7 / 2.50 proj of Dec 20-Jan 19-24 swing
  • SUP 2: 111.185 Low Jun 26, 2015 (cont)
  • SUP 3: 111.140 Low Jun 11, 2015 (cont)
  • SUP 4: 111.090 Low Jun 10, 2015 (cont)

Schatz futures remain bearish and short-term gains are considered corrective. The Jan 31 sell-off resulted in a break of 111.890, Jan 19 low and a bear trigger. This confirmed a resumption and an acceleration of the downtrend. Moving average conditions remain bearish too. The focus is on 111.208 next, a Fibonacci projection. The Jan 4 high of 111.615 marks initial resistance.

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