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(H2) Gains Considered Corrective

SCHATZ TECHS
  • RES 4: 112.020 High Jan 31
  • RES 3: 111.917 50-day EMA
  • RES 2: 111.870 High Feb 3
  • RES 1: 111.760 High Feb 11
  • PRICE: 111.660 @ 05:18 GMT Feb 15
  • SUP 1: 111.420 High Feb 11
  • SUP 2: 111.250/208 Low Feb 7 / 2.50 proj of Dec 20-Jan 19-24 swing
  • SUP 3: 111.185 Low Jun 26, 2015 (cont)
  • SUP 4: 111.140 Low Jun 11, 2015 (cont)

The trend direction in Schatz futures remains bearish and recent strong recovery is still considered corrective. The sell-off between Jan 24 and Feb 7 resulted in a break of 111.890, Jan 19 low and confirmed a resumption and an acceleration of the downtrend. Moving average conditions remain bearish too. The Feb 11 high of 111.760 marks initial resistance. A return lower would refocus attention on 111.420, Feb 11 low and 111.250, the Feb 7 low.

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