(H2) Gains Still Considered Corrective

• RES 4: 112.145 High Jan 24 and a key resistance
• RES 3: 112.070 High Jan 27
• RES 2: 112.020 High Jan 31
• RES 1: 111.965 High Feb 22
• PRICE: 111.745 @ 05:27 GMT Feb 23
• SUP 1: 111.545/420 Low Feb 15 / Low 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 however, the contract is still in a corrective cycle, following the recovery from 111.250, the Feb 7 low. The contract has cleared the 20-day EMA and traded above the 50-day EMA. The latter average intersects at 111.881 and a clear break would signal scope for a stronger rally towards 112.145, Jan 24 high. Price stalled at yesterday’s high. A deeper pullback would open 111.545 initially, the Feb 15 low.