MNI China Daily Summary: Wednesday, July 31

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(H1) Downside Focus

BUND TECHS
  • RES 4: 178.77 High Dec 11
  • RES 3: 178.44 High Dec 21 and key near-term resistance
  • RES 2: 178.18 High Dec 23
  • RES 1: 177.90 76.4% of the Dec 23 range
  • PRICE: 177.64 @ 04:56 GMT Jan 4
  • SUP 1: 177.01 Low Dec 23
  • SUP 2: 176.83 Low Dec 3
  • SUP 3: 176.63 Low Dec 2 and the near-term bear trigger
  • SUP 4: 176.53 76.4% retracement of the Nov 11 - Dec 11 rally

Bund futures are unchanged from last year's close. The contract traded sharply lower Dec 23 and pierced trendline support drawn off the Nov 11 low. This highlighted a bearish tone with a key S/T resistance defined at 178.44, Dec 21 high. Attention is on 177.01, Dec 23 low, a break would trigger further weakness and open 176.43, Dec 2 low. On the upside, clearance of 178.18, Dec 23 high would ease the bearish threat. A break of 178.44 is bullish.

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