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(H2) Trend Needle Still Points South

SCHATZ TECHS
  • RES 4: 112.155 High Dec 23
  • RES 3: 112.120 High Dec 27
  • RES 2: 112.033/080 20-day EMA / High Jan 5
  • RES 1: 112.020 High Jan 13 / 14
  • PRICE: 111.905 @ 05:09 GMT Jan 18
  • SUP 1: 111.900 Low Jan 17 and Intraday low
  • SUP 2: 112.890 1.50 proj of the Nov 26 - Dec 16 - 20 price swing
  • SUP 3: 111.861 1.618 proj of the Nov 26 - Dec 16 - 20 price swing
  • SUP 4: 111.816 3.0% Lower Bollinger Band

The Schatz futures outlook remains bearish and recent gains have proved to be corrective. This week’s weakness has resulted in a break of support at 111.935, the Jan 11 low and bear trigger. This confirms a resumption of the broader downtrend and maintains a bearish price sequence of lower lows and lower highs. Attention is on 111.890 next, a Fibonacci projection. On the upside, initial firm resistance is seen at 112.020, the Jan 13 / 14 high.

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