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Schatz December contract Daily Forecast - 13 September 2013Schatz opened above 110.20/21 & held this support to test recent highs at 110.26/27. We are overbought short term in a bear trend so perhaps the bounce is now over. A dip back to support at 110.21 could be seen & a low for the day very possible. However id we continue lower look for the next support at 110.18/17 which should hold the downside at this stage. Any longs need stops below 110.14 though for 110.12/11. However a break higher today can take prices as far as trend line & Fibonacci resistance at 110.31/32. Exit longs & try shorts expecting the bear trend to resume, with stops above 110.34.
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