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(H2) Resumes Its Downtrend

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/ High Jan 13 and the 20-day EMA
  • PRICE: 169.36 @ 04:53 GMT Jan 19
  • SUP 1: 169.25 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 maintain a softer note. The outlook remains bearish following this week’s resumption of the downtrend. Attention is on the major support at 169.34, Oct 29 low, that has been breached. An extension lower and a clear break would strengthen bearish conditions and open 169.08, a Fibonacci projection. 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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