Free Trial

(H3) Resistance Is Seen At The 20-Day EMA

SCHATZ TECHS
  • RES 4: 106.118 50.0% retracement of the Dec 2 - Jan 2 bear leg
  • RES 3: 106.000 Round number resistance
  • RES 2: 105.939 38.2% retracement of the Dec 2 - Jan 2 bear leg
  • RES 1: 105.817/830 20-day EMA / High Jan 6
  • PRICE: 105.700 @ 05:41 GMT Jan 11
  • SUP 1: 105.560 Low Jan 6
  • SUP 2: 105.360 Low Jan 2 and the bear trigger
  • SUP 3: 105.345 2.618 projection of the Dec 2 - 13 price swing
  • SUP 4: 105.270 2.764 projection of the Dec 2 - 13 price swing

Schatz futures traded higher last week and the contract remains closer to its recent highs. 105.817 marks a firm resistance, the 20-day EMA - a break would strengthen short-term bullish conditions. The latest recovery is considered corrective - for now. A reversal lower would refocus attention on 105.360, the Jan 2 trend low and bear trigger. Clearance of this support would confirm a resumption of the broader downtrend.

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.