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(H1) Pullback Considered A Correction

BUND TECHS
  • RES 4: 178.37 High Jan 4 and key resistance
  • RES 3: 178.27 High Jan 5
  • RES 2: 177.96 High Jan 14
  • RES 1: 177.81 High Jan 18
  • PRICE: 177.40 @ 04:43 GMT Jan 20
  • SUP 1: 176.96 61.8% retracement of the rally between Jan 12 - 14
  • SUP 2: 176.72 Low Jan 13 and 76.4% of the Jan 12 -1 14 climb
  • SUP 3: 176.34 Low Jan 12 and the bear trigger
  • SUP 4: 176.19 1.236 proj of the Dec 11 - 23 sell-off from Jan 4 high

Bund futures remain below last week's 177.96 high from Jan 14. Gains between Jan 12 -14 resulted in a break of all near-term retracements levels of this month's earlier sell-off between Jan 4 - 12. This suggests potential for a stronger climb, with the focus on 178.00 and more importantly on the 178.37 high from Apr 4. 177.96 marks the bull trigger. On the downside, initial support lies at last 176.96, a Fibonacci retracement level.

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