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BUND TECHS: (Z4) Corrective Pullback Extends

BUND TECHS
Bullet
  • RES 4: 137.85 1.382 projection of the Sep 2 - 11 - 20 price swing        
  • RES 3: 136.77 1.00 projection of the Sep 2 - 11 - 20 price swing
  • RES 2: 136.37 1.236 retracement proj of the Aug 5 - Sep 2 bear leg
  • RES 1: 135.24/136.20 High Oct 3 / 1 and the bull trigger                       
  • PRICE: 134.54 @ 05:30 BST Oct 4
  • SUP 1: 134.64 Low Oct 3              
  • SUP 2: 134.31/133.99 Low Sep 27 / 50-day EMA
  • SUP 3: 132.65 Low Sep 2 and the bear trigger
  • SUP 4: 132.25 Low Jul 29

Bund futures traded sharply higher Tuesday resulting in a break above key resistance at 135.66 - a bullish development. However, the contract has pulled back from its latest highs. The move down appears to be a correction - for now. The 20-day EMA, at 134.66, has been pierced. A clear break would expose the 50-day EMA, at 133.99. For bulls, a reversal higher would refocus attention on 136.20, the Oct 1 high and bull trigger.

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  • RES 4: 137.85 1.382 projection of the Sep 2 - 11 - 20 price swing        
  • RES 3: 136.77 1.00 projection of the Sep 2 - 11 - 20 price swing
  • RES 2: 136.37 1.236 retracement proj of the Aug 5 - Sep 2 bear leg
  • RES 1: 135.24/136.20 High Oct 3 / 1 and the bull trigger                       
  • PRICE: 134.54 @ 05:30 BST Oct 4
  • SUP 1: 134.64 Low Oct 3              
  • SUP 2: 134.31/133.99 Low Sep 27 / 50-day EMA
  • SUP 3: 132.65 Low Sep 2 and the bear trigger
  • SUP 4: 132.25 Low Jul 29

Bund futures traded sharply higher Tuesday resulting in a break above key resistance at 135.66 - a bullish development. However, the contract has pulled back from its latest highs. The move down appears to be a correction - for now. The 20-day EMA, at 134.66, has been pierced. A clear break would expose the 50-day EMA, at 133.99. For bulls, a reversal higher would refocus attention on 136.20, the Oct 1 high and bull trigger.