(Z17) 111.950 Now Becomes Pivotal To...>

SCHATZ TECHS: (Z17) 111.950 Now Becomes Pivotal To Near Term Direction

*RES 4: 112.060 61.8% Fibo of 112.240-111.770

*RES 3: 112.000 Jan 3, Jan 9 highs, 50% of 112.240-111.770

*RES 2: 111.970 0.1% volatility band

*RES 1: 111.950 Jan 22 high, 38.2% of 112.240-111.770

*PRICE: 111.900 @0917GMT

*SUP 1: 111.840/860 Hourly support

*SUP 2: 111.810 Feb 2 low

*SUP 3: 111.740/770 0.1% volatility band, Jan 29 low

*SUP 4: 111.710 Mar 14 low, 38.2% of 110.020-112.750

*COMMENTARY* The recovery has worked it's way back through 111.860, thereby

opening up the prospect of some correction, initially of losses from the Jan

highs at 112.00 and potentially the Dec highs at 112.240. In either case,

111.950 now provides the next test to this rally. Above needed to switch focus

to 111.970-112.000 again. Support rises to 111.860-111.840, with 111.810 now

important below.