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(H2) Outlook Remains Bearish

SCHATZ TECHS
  • RES 4: 112.265 High Dec 20
  • RES 3: 112.185 High Dec 22
  • RES 2: 112.070/145 High Jan 27 / High Jan 24 and key resistance
  • RES 1: 111.925/112.020 High Feb 1 / High Jan 31
  • PRICE: 111.845 @ 05:24 GMT Feb 3
  • SUP 1: 111.805 Low Jan 2
  • SUP 2: 111.800 Round number support
  • SUP 3: 111.770 Low Dec 13, 2018 (cont)
  • SUP 4: 111.706 2.236 proj of the Nov 26 - Dec 16 - 20 price swing

Schatz futures traded lower again yesterday. Monday’s sell-off resulted in a break of support at 111.890, the Jan 19 low and bear trigger. The break lower confirms a resumption of the underlying downtrend. The move opens the 111.800 handle and 111.770 next, the Dec 13, 2018 low. On the upside, initial firm resistance is seen at Monday’s high of 112.020 and key resistance is at 112.145, the Jan 24 high.

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