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(H3) Corrective Bounce Extends

BUND TECHS
  • RES 4: 140.78 High Dec 15
  • RES 3: 137.76 High Dec 19
  • RES 2: 136.47 20-day EMA
  • RES 1: 136.46 High Jan 04
  • PRICE: 136.12 @ 08:20 GMT Jan 4
  • SUP 1: 132.60 Low Jan 2 and the bear trigger
  • SUP 2: 132.00 Round number support
  • SUP 3: 131.54 2.50 proj of the Dec 7 - Dec 13 price swing
  • SUP 4: 131.08 2.618 proj of the Dec 7 - Dec 13 price swing

Bund futures recovered further early Wednesday, however short-term gains are considered corrective and price remains in an over-arching downtrend. Recent cycle lows confirmed an extension of the trend and this has maintained the price sequence of lower lows and lower highs. Sights are on the 132.00 handle next. On the upside, resistance to watch is seen at 136.47, the 20-day EMA.

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