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(H2) Heading South

SCHATZ TECHS
  • RES 4: 112.185 High Dec 22
  • RES 3: 112.155 High Dec 23
  • RES 2: 112.120 High Dec 27
  • RES 1: 112.078/080 20-day EMA / High Jan 6
  • PRICE: 111.970 @ 05:21 GMT Jan 11
  • SUP 1: 111.965 Low Jan 10
  • SUP 2: 112.956 1.764 proj of the Nov 26 - Dec 16 - 20 price swing
  • SUP 3: 111.920 1.382 proj of the Nov 26 - Dec 16 - 20 price swing
  • SUP 4: 111.869 3.0% Lower Bollinger Band

Schatz futures traded lower again yesterday. The S/T outlook remains bearish following last week’s extension lower and yesterday’s move confirmed a break of support at 111.985, Jan 3 low. This marks a resumption of the downtrend and paves the way for weakness towards 111.956 next, a Fibonacci projection. On the upside, initial firm resistance is seen at the 20-day EMA that intersects at 112.078. A break would ease bearish pressure.

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