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(H2) Gains Considered Corrective

BUND TECHS
  • RES 4: 173.19 High Dec 23
  • RES 3: 172.18 50-day EMA
  • RES 2: 171.77 Low Nov 24 and recent breakout level
  • RES 1: 170.17/171.44 High Jan 4 / 20-day EMA
  • PRICE: 170.76 @ 05:16 GMT Jan 14
  • 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. Short-term gains are considered corrective though and the trend remains down. Attention remains on the major support at 169.34, Oct 29 low. Clearance of this level would strengthen bearish conditions and open 169.08, a Fibonacci projection. 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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