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(H2) Downtrend Intact

BUND TECHS
  • RES 4: 173.19 High Dec 23
  • RES 3: 172.32 50-day EMA
  • RES 2: 171.77 Low Nov 24 and recent breakout level
  • RES 1: 170.61/171.17 High Jan 6 / High Jan 4
  • PRICE: 169.93 @ 05:18 GMT Jan 12
  • SUP 1: 169.57 Low Jan 11
  • SUP 2: 169.48 Low Nov 1
  • SUP 3: 169.34 Low Oct 29 and major support
  • SUP 4: 169.08 3.618 projection of the Dec 8 - 20 price swing

Bund futures remain in a downtrend and the contract traded lower again yesterday. Price has recently cleared the 170.19 objective, Nov 2 low and attention is on the major support at 169.34, Oct 29 low. A break of this support level would strengthen bearish conditions. On the upside, initial firm resistance is unchanged at 171.77 where a break is required to ease bearish pressure. First resistance is at 170.61.

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