Free Trial

(H2) Gains Still Considered Corrective

SCHATZ TECHS
  • 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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.