Technical forecast for Schatz

schatz

Schatz held 110.01 and therefore the yearly low for 2012 at 109.98 last week. We shot way higher than expected as the market volatility increases. Above 110.17 today we should see 110.20/21. We should start to look overbought short term in the bear trend at this stage but if we continue higher look for 110.25/26.

Below 110.17 is more negative & leads us back to 110.14 then 110.11. If we continue lower look for 110.07/06 before last week’s low at 110.02/01. Be aware this week that 109.98 is the yearly low for 2012 & therefore very significant. A break lower cannot be ruled out and targets 109.94 then 109.88. A visit to 109.65/60 in the coming weeks would not be a shock.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More