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(H2) Maintains A Bearish Tone

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: 171.00/171.15 High Jan 13 / 20-day EMA
  • PRICE: 169.54 @ 05:00 GMT Jan 18
  • SUP 1: 169.42 Intraday low
  • SUP 2: 169.08 3.618 projection of the Dec 8 - 20 price swing
  • SUP 3: 169.00 Round number support
  • SUP 4: 168.84 3.794 projection of the Dec 8 - 20 price swing

Bund futures started the week on a softer note. The outlook remains bearish and recent gains have proved to be corrective. Attention is on the major support at 169.34, Oct 29 low, that has been probed today. A clear break would strengthen bearish conditions and open 169.08, a Fibonacci projection. On the upside, initial firm short-term resistance has been defined at 171.00, the Jan 13 high where a break is required to ease bearish pressure.

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