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(H3) Trading Below The Key Resistance Zone

SCHATZ TECHS
  • RES 4: 106.517 76.4% retracement of the Dec 2 - Jan 2 bear leg
  • RES 3: 106.365 Low Dec 13
  • RES 2: 106.296 61.8% retracement of the Dec 2 - Jan 2 bear leg
  • RES 1: 106.130/106.155 High Feb 2 / High Jan 18 and bull trigger
  • PRICE: 105.860 @ 05:33 GMT Feb 6
  • SUP 1: 105.700 Low Feb 2
  • SUP 2: 105.640 Low Feb 1 and key short-term support
  • SUP 3: 105.548 76.4% retracement of the Jan 2 - 18 bull cycle
  • SUP 4: 105.480 Low Jan 3

Schatz futures traded sharply higher last Thursday and in the process cleared a number of short-term resistance points. The contract has since pulled back. 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 strengthen a bullish condition and highlight a stronger reversal. Key support to watch lies at 105.640, the Jan 1 low.

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