(H2) Gains Considered Corrective

• RES 4: 112.020 High Jan 31
• RES 3: 111.917 50-day EMA
• RES 2: 111.870 High Feb 3
• RES 1: 111.800 High Feb 11
• PRICE: 111.780 @ 16:29 GMT Feb 17
• 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, despite the intraday rally on Thursday. 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.