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(H3) Bear Cycle Extends

BUND TECHS
  • RES 4: 143.00 Round number resistance
  • RES 3: 142.91 High Dec 7 and the bull trigger
  • RES 2: 141.70 High Dec 13
  • RES 1: 138.62/139.95 High Dec 16 / 20-day EMA
  • PRICE: 137.52 @ 05:17 GMT Dec 19
  • SUP 1: 136.80 Low Nov 10
  • SUP 2: 136.48 76.4% retracement of the Nov 8 - Dec 7 bull cycle
  • SUP 3: 136.11 Low Nov 9
  • SUP 4: 134.50 Low Nov 8 and a key support

Bund futures traded lower last week to extend the current bear phase that started Dec 7. The move lower has resulted in a break of support at 139.13, Nov 28 low and this suggests scope for a deeper retracement. The focus is on 136.48 next, a Fibonacci retracement. On the upside, initial firm resistance to watch is at 141.70, the Dec 13 high. The bull trigger is 142.91, the Dec 7 high.

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