Free Trial

(Z0) Bears In Control Despite Correction

SCHATZ TECHS
  • RES 4: 112.450 High Nov 9
  • RES 3: 112378 20-day EMA
  • RES 2: 112.365 Low Oct 26 and a recent breakout level
  • RES 1: 112.330 High Nov 10, 12 and intraday high
  • PRICE: 112.330 @ 05:03 GMT Nov 13
  • SUP 1: 112.275 Low Nov 11
  • SUP 2: 112.261 76.4% retracement of the Aug 26 - Nov 4 rally
  • SUP 3: 112.250 Low Sep 17
  • SUP 4: 112.210 Low Sep 10

Schatz futures sold off sharply Monday in a move that signals a potential trend reversal. The outlook remains bearish despite the recent corrective bounce. The move lower this week resulted in a break of former support at 112.365, Oct 26 low reinforcing the significance of Monday's change in direction. This highlights potential for weakness towards 112.261 next, a Fibonacci retracement. Initial firm resistance is seen at 112.365.

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.