(Z17) Failure To Reclaim 111.860.......>

SCHATZ TECHS: (Z17) Failure To Reclaim 111.860 Leaves Downside Vulnerable

*RES 4: 112.000 Jan 9 high

*RES 3: 111.950 Jan 22 high

*RES 2: 111.910 Hourly basing area Jan 24, now resistance

*RES 1: 111.860 Hourly resistance

*PRICE: 111.800 @0829GMT

*SUP 1: 111.750/770 0.1% volatility band, Jan 29 low

*SUP 2: 111.710 Mar 14 low, 38.2% of 110.020-112.750

*SUP 3: 111.650 0.2% volatility band

*SUP 4: 111.640 9 week bear channel base projection

*COMMENTARY* Found some support from around the lower 0.1% volatility band, at

111.770 at the time on Monday. This has moved lower by time over the week to

111.750 today. This band protecting against a deeper 111.710 fall. Resistance

comes initially from 111.860 but currently requires a move back above 111.910

before the immediate downside bias is arrested and allow some further correction

of recent losses from 112.00-112.310.