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(H1) Bull Rally Extends

BUND TECHS
  • RES 4: 179.17 High Nov 4 and key resistance
  • RES 3: 179.01 High Nov 5
  • RES 2: 178.89 1.00 proj of Nov 11 - 30 rally from Dec 2 low
  • RES 1: 178.77 High Dec 11
  • PRICE: 178.43 @ 05:50 GMT Dec 14
  • SUP 1: 177.77/76 Low Dec 10 and key S/T support / 20-day EMA
  • SUP 2: 177.36 Low Dec 7
  • SUP 3: 177.15 Low Dec 4
  • SUP 4: 176.63 Low Dec 2 and the near-term bear trigger

Bund futures extended gains again Friday. The contract maintains a positive tone following last week's climb and importantly the breach of 178.10, Nov 30 high. The break signals scope for an extension of the recovery that started Nov 11 and opens 178.89 next, a Fibonacci projection. On the downside, key support has been defined at 176.63, Dec 2 low. A break is required to reinstate a bearish theme. Initial firm support is at 177.77.

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