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(H2) Resumes Its Downtrend

  • RES 4: 171.77 Low Nov 24 and recent breakout level
  • RES 3: 171.35 50-day EMA
  • RES 2: 171.07 High Jan 24 and key short-term resistance
  • RES 1: 170.43 20-day EMA
  • PRICE: 169.11 @ 05:04 GMT Feb 1
  • SUP 1: 168.81 Low Jan 31
  • SUP 2: 168.46 4.00 proj of the Dec 8 - Dec 20 price swing
  • SUP 3: 168.00 Round number support
  • SUP 4: 167.69 Low NOv 1, 2021 (cont)

Bund futures resumed their downtrend yesterday, trading below former support at 168.95, Jan 19 low. This maintains the bearish sequence of lower lows and lower highs and the downtrend is also reinforced by a bearish set-up in the moving average condition. The focus is on 168.46, a Fibonacci projection. On the upside, key short-term resistance has been defined at 171.07, Jan 24 high. Initial resistance is seen at 170.43, the 20-day EMA.

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