SCHATZ TECHS: (M5) Unwinding An Oversold Condition
Mar-14 06:25
- RES 4: 107.120 High Mar 4 and key resistance
- RES 3: 106.905 High Mar 5
- RES 2: 106.847 61.8% retracement of the Mar 4 - 6 bear leg
- RES 1: 106.762 50.0% retracement of the Mar 4 - 6 bear leg
- PRICE: 106.680 @ 06:09 GMT Mar 14
- SUP 1: 106.530/405 Low Mar 10 / 6 and the bear trigger
- SUP 2: 106.350 2.000% retracement proj of the Feb 19 - Mar 4
- SUP 3: 106.259 2.236% retracement proj of the Feb 19 - Mar 4
- SUP 4: 106.203 2.382% retracement proj of the Feb 19 - Mar 4
A bearish condition in Schatz futures remains intact with price continuing to trade closer to its recent lows. The latest move down resulted in a breach of key support at 106.735, the Feb 19 low. Clearance of this level strengthens a bearish theme and signals scope for a deeper sell-off, towards 106.350 next, a Fibonacci retracement. The trend is oversold and the latest bounce is allowing this to unwind. First resistance is 106.762, a Fibonacci retracement.
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LOOK AHEAD: UK Timeline of Key Events (GMT Times)
Feb-12 06:23
| Date | UK | Period | Event |
| 12-Feb | 1500 | BOE's Greene speech at Institute of Directors | |
| 13-Feb | 0700 | Dec | GDP/ Trade/ Construction/ Production/ Services |
| 13-Feb | 0700 | Q4 | GDP First Estimate |
| 18-Feb | 0700 | Dec/Jan | Labour Market Survey |
| 18-Feb | 0930 | BOE's Bailey fireside chat on open financial markets | |
| 19-Feb | 0001 | Jan | Brightmine pay deals for whole economy |
| 19-Feb | 0700 | Jan | Consumer inflation report |
| 19-Feb | 0700 | Jan | Producer Prices |
| 20-Feb | 1100 | Feb | CBI Industrial Trends |
| 21-Feb | 0001 | Feb | Gfk Monthly Consumer Confidence |
| 21-Feb | 0700 | Jan | Public Sector Finances |
| 21-Feb | 0700 | Jan | Retail Sales |
| 21-Feb | 0930 | Feb | S&P Global Flash PMI |
| 25-Feb | 1100 | Feb | CBI Distributive Trades |
LOOK AHEAD: Eurozone Timeline of Key Events (GMT Times)
Feb-12 06:18
| Date | Time | Country | Event |
| 12-Feb | 900 | IT | Industrial Production |
| 12-Feb | 1000 | EU | ECB's Elderson in roundtable at the MNI Connect event |
| 13-Feb | 700 | DE | HICP (f) |
| 13-Feb | 840 | EU | ECB's Cipollone interview at Digital Finance conference |
| 13-Feb | 1000 | EU | Industrial Production |
| 14-Feb | 800 | ES | HICP (f) |
| 14-Feb | 1000 | EU | GDP (p) |
| 17-Feb | 1000 | EU | Trade Balance |
| 17-Feb | EU | ECB's Lagarde and Cipolllone in Eurogroup meeting | |
| 18-Feb | 745 | FR | HICP (f) |
| 18-Feb | 1000 | DE | ZEW Current Conditions/Expectations Index |
| 18-Feb | EU | ECB's De Guindos in ECOFIN meeting | |
| 18-Feb | 1400 | EU | ECB's Cipollone in MNI Connect conference on Balance Sheet |
| 19-Feb | 900 | EU | EZ Current Account |
| 19-Feb | 1000 | EU | Labour costs |
CHINA: Country Wrap: Passenger Car Output Steady in January.
Feb-12 06:11
- A release from the Ministry of Industry shows that the copper industry will be charged with tighter requirements going forward for the building of new copper smelters (source: BBG).
- Production of passenger cars in China showed steady growth in January, driven by new energy vehicles according to data released by an industry association. (source: XINHAU)
- Whilst the Hang Seng was very strong today up +1.5%, most onshore bourses did not share the enthusiasm with the CSI 300 down -0.10%, Shanghai Comp down -0.04 whereas Shenzhen was up +0.31%.
- CNY: Yuan Reference Rate at 7.1710 Per USD; Estimate 7.3010
- Bonds: a slow day for the bond market with the CGB 10YR unchanged at 1.62%
