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MNI Credit Weekly: Le Vendredi Noir
(H0) Correcting *RES 4: 173.30 High......>
BUND TECHS: (H0) Correcting
*RES 4: 173.30 High Dec 4
*RES 3: 173.22 High Jan 8 and key intraday resistance
*RES 2: 172.18 Trendline resistance drawn off the Sep 3 high
*RES 1: 171.72 High Jan 9
*PRICE: 171.53 @ 04:40 GMT Jan 16
*SUP 1: 170.65 Low Jan 14
*SUP 2: 170.19 Low Jan 2 and key support
*SUP 3: 170.06 1.618 projection of Nov 28 - Dec 3 decline from Dec 4 high
*SUP 4: 170.00 Round number support
H0 Bund futures were firmer yesterday. Whether recent gains are the start of a
stronger bull run is too early to tell. The sharp sell-off from Jan 8 still
weighs on sentiment and for now the recovery is being viewed as a correction.
Further gains would open 172.18, the trendline resistance drawn off the Sep 3
high. Clearance of this level is needed to open the Jan 8 high of 173.22 that
also marks the key bull trigger. Support lies at 170.65, Jan 14 low.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.