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(H2) Heading South

BUND TECHS
  • RES 4: 171.81 50-day EMA
  • RES 3: 171.77 Low Nov 24 and recent breakout level
  • RES 2: 171.00/170.85 High Jan 13 and the 20-day EMA
  • RES 1: 169.92 High Jan 17
  • PRICE: 169.29 @ 05:03 GMT Jan 20
  • SUP 1: 168.95 Low Jan 19
  • SUP 2: 168.31 Low Nov 2 (cont)
  • SUP 3: 168.00 Round number support
  • SUP 4: 167.69 Low Nov 1 (cont)

Bund futures traded lower again yesterday. The outlook remains bearish following this week’s resumption of the downtrend - key support at 169.34, Oct 29 low has been breached. An extension lower and a clear break strengthens bearish conditions and opens 168.84 next, a Fibonacci projection. Initial firm short-term resistance has been defined at 171.00, the Jan 13 high where a break is required to signal a short-term reversal.

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