Free Trial

(H3) Key Support Gives Way For Contract Lows

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: 105.235 @ 15:15 GMT Feb 21
  • SUP 1: 105.205 Low Feb 21
  • SUP 2: 105.140 Low Oct 21 2008
  • SUP 3: 105.051 Lower 3.0% Bollinger Band
  • SUP 4: 104.656 1.0% 10-dma Envelope

Schatz futures started the week softer and retained the downside bias into the Tuesday close. Prices printed down at 105.205, a new contract low. This price action reinforces the current bearish theme and signals scope for weakness towards 105.140 - levels last seen in October 2008. 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.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.