(H2) Nearing Contract Lows

• RES 4: 112.375 1.382 proj of the Nov 16 - 26 - Dec 1 price swing
• RES 3: 112.350 1.236 proj of the Nov 16 - 26 - Dec 1 price swing
• RES 2: 112.305 High Nov 26 and the bull trigger
• RES 1: 112.265 High Dec 20
• PRICE: 112.035 @ 07:43 GMT Dec 30
• SUP 1: 112.020 Low Dec 29
• SUP 2: 112.007 1.382 proj of the Nov 26 - Dec 1 - Dec 3 price swing
• SUP 3: 111.957 3.0% Lower Bollinger Band
• SUP 4: 111.870 Low Oct 29 and key support

Schatz futures edged lower Wednesday, extending the pullback from the mid-December highs. This puts prices at their lowest levels of the month into year-end and raises the risk of a test on the contract low at 111.870. Support at 112.055 has given way, marking the return of bearish pressure which initially targets 112.007 and 111.957. To the upside, Focus remains on resistance at 112.235, the Dec 2 / 3 high. A clear break would be a bullish development and open the key resistance hurdle at 112.305, Nov 26 high.