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(H0) Downside Risk Still Present *RES....>

BUND TECHS
BUND TECHS: (H0) Downside Risk Still Present
*RES 4: 173.30 High Dec 4
*RES 3: 173.22 High Jan 8 and key intraday resistance
*RES 2: 172.25 Trendline resistance drawn off the Sep 3 high
*RES 1: 171.51 High Jan 9
*PRICE: 171.18 @ 04:45 GMT Jan 15
*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 is largely unchanged and we continue to see scope for weakness
near-term. The recent rejection off the Jan 8 high of 173.22 is likely to still
weigh on sentiment. The sell-off confirmed a failure to hold above trendline
resistance drawn off the Sep 3 high and the 50-day EMA, an indicator used as a
reliable trend signal. Potential is for a retest of 170.19, Jan 2 low that also
marks the next key bear trigger. Resistance is at 171.51, Jan 9 high.

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