(Z17) 112.000 Cap Sees Risk Revert.....>

SCHATZ TECHS: (Z17) 112.000 Cap Sees Risk Revert Lower Again

*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: 111.850 @0850GMT

*SUP 1: 111.840/850 Jul 6, Dec 27 lows

*SUP 2: 111.810 Jun 28 low

*SUP 3: 111.750 1.618 swing of 111.850-112.000

*SUP 4: 111.730 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 recovery.

Failure to return above here has swiftly seen the bias return to the downside,

111.850-111.840 now protecting against a further 111.810-111.750 fall.

Resistance 111.920-111.940 ahead of Thursday's 111.980 high.