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(H2) Downtrend Remains Intact

BUND TECHS
  • RES 4: 173.19 High Dec 23
  • RES 3: 172.24 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: 170.14 @ 05:20 GMT Jan 13
  • 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 are trading above recent lows but remain in a downtrend. Price has recently cleared the 170.19 objective, Nov 2 low and attention remains on the major support at 169.34, Oct 29 low. Clearance 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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