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(H3) Bear Threat Remains Present

SCHATZ TECHS
  • RES 4: 106.296 61.8% retracement of the Dec 2 - Jan 2 bear leg
  • RES 3: 106.130/106.155 High Feb 2 / High Jan 18 and bull trigger
  • RES 2: 105.978 50-day EMA
  • RES 1: 105.850 High Feb 7
  • PRICE: 105.550 @ 20:19 GMT Feb 12
  • SUP 1: 105.540 Low Feb 10
  • SUP 2: 105.480 Low Jan 3
  • SUP 3: 105.360 Low Jan 2 and key support
  • SUP 4: 104.708 1.0% 10-dma Envelope

Schatz futures traded lower into the Friday close and has taken out support at 105.640, the Feb 1 low. The clear break here strengthens the current bearish theme and signals scope for weakness towards 105.360, the Jan 2 low. On the upside, key resistance has been defined at 106.130, the Feb 2 high and 106.155, the Jan 18 high. Clearance of this resistance zone would reinstate a bullish condition.

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