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(H2) Watching Resistance

SCHATZ TECHS
  • RES 4: 112.120 High Dec 27
  • RES 3: 112.080 High Jan 5
  • RES 2: 112.020 High Jan 13 / 14 and key short-term resistance
  • RES 1: 112.011 20-day EMA
  • PRICE: 112.000 @ 05:03 GMT Jan 21
  • SUP 1: 111.890 Low Jan 19
  • SUP 2: 112.861 1.618 proj of the Nov 26 - Dec 16 - 20 price swing
  • SUP 3: 111.824 3.0% Lower Bollinger Band
  • SUP 4: 111.800 Round number support

Schatz futures have recovered from Wednesday’s low. Gains are considered corrective though. This week’s earlier move lower resulted in a break of support at 111.935, the Jan 11 low and bear trigger. The move confirms a resumption of the broader downtrend and maintains a bearish price sequence of lower lows and lower highs. On the upside, initial firm resistance is seen at 112.020, the Jan 13 / 14 high. A break is required to ease bearish pressure.

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