(Z17) 112.000 Cap Sees Fall Held By....>

SCHATZ TECHS: (Z17) 112.000 Cap Sees Fall Held By Lower Volatility Band

*RES 4: 112.000 Jan 3, Jan 9 highs, 38.2% of 112.240-111.850

*RES 3: 111.980 Jan 11 high

*RES 2: 111.940 Jan 4, Jan 8 lows, now resistance

*RES 1: 111.920 Hourly resistance

*PRICE: 111.880 @0923GMT

*SUP 1: 111.830 Jan 12 low

*SUP 2: 111.810/820 Jun 28 low, 0.1% volatility band 

*SUP 3: 111.750 1.618 swing of 111.850-112.000

*SUP 4: 111.710 0.2% volatility band

*COMMENTARY* December's fall from 112.240, culminated in a drop to 111.850 at

the back end of the year, before regaining some ground. This saw resistance from

112.000, the 38.2% Fibo retrace level, as the near term barrier to any further

recovery. Failure to return above here has swiftly seen the bias return to the

downside, a drop to the lower 0.1% volatility seen on Friday. Resistance

111.920-111.940 ahead of Thursday's 111.980 high.