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(H1) Downtrend Resumes

BUND TECHS
  • RES 4: 177.66 High Jan 29
  • RES 3: 177.05 50-day EMA
  • RES 2: 176.64 High Feb 11
  • RES 1: 175.70 Intraday high
  • PRICE: 175.54 @ 05:01 GMT Feb 15
  • SUP 1: 175.51 Intraday low
  • SUP 2: 175.31 1.382 proj of Jan 4 - 12 sell-off from Jan 27 high
  • SUP 3: 175.07 1.50 proj of Jan 4 - 12 sell-off from Jan 27 high
  • SUP 4: 175.00 Round number support

Bund futures are heavy again and Friday's sell-off has extended today. Today's weakness has seen price trade through support at 175.61, Feb 8 low. This confirms a resumption of the downtrend that started mid-December. With momentum studies in a clear bear mode too, scope is seen for an extension lower. Attention is on 175.31, a Fibonacci projection. On the upside, key trend resistance has been defined at 176.64, the Jan 11 high.

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