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(H2) Remains Vulnerable

BUND TECHS
  • RES 4: 176.00 Round number resistance
  • RES 3: 175.57 1.618 proj of the Nov 11 - 22 - 24 price swing
  • RES 2: 175.29 1.50 proj of the Nov 11 - 22 - 24 price swing
  • RES 1: 174.44/75.02 High Dec 21 / High Dec 8 and the bull trigger
  • PRICE: 173.10 @ 05:22 GMT Dec 23
  • SUP 1: 172.77 Low Dec 22
  • SUP 2: 172.70 Low Nov 26
  • SUP 3: 171.77 Low Nov 24 and key near-term support
  • SUP 4: 170.72 Low Nov 4

Bund futures traded lower again yesterday. The contract has breached support at 173.40, the Dec 8 low. This also means that the price is trading back below the 20-day EMA. The break lower places a recent bullish focus on hold and suggests scope for a deeper short-term pullback. Scope is seen for a move towards 172.70, the Nov 26 low. On the upside, key resistance and the bull trigger is unchanged at 175.02, the Dec 8 high.

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