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(H1) Retracement Extends

BUND TECHS
  • RES 4: 179.01 High Nov 5
  • RES 3: 178.89 1.00 proj of Nov 11 - 30 rally from Dec 2 low
  • RES 2: 178.77 High Dec 11
  • RES 1: 178.31 Intraday high
  • PRICE: 177.77 @ 10:55 GMT Dec 16
  • SUP 1: 177.70 50.0% retracement of the Dec 2 - 11 rally
  • SUP 2: 177.36 Low Dec 7
  • SUP 3: 177.14 61.8% retracement of the Dec 2 - 11 rally
  • SUP 4: 176.63 Low Dec 2 and the near-term bear trigger

Bund futures are offered this morning as the contract retraces the recent rally between Dec 2 - 11. The 20-day EMA has been cleared. placing on hold a recent bullish view. Further weakness would open 177.70, 50.0% retracement of the Dec 2 - 11 rally ahead of 177.36, Dec 7 low. On the upside, initial resistance is at 178.31, today's intraday high. A break above this level is required to ease the developing bearish risk.

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