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(M2) Pullback From Monday’s High Extends

BUND TECHS
  • RES 4: 170.00 Round number resistance
  • RES 3: 168.67 High Mar 7 and a key resistance
  • RES 2: 167.17 High Mar 8
  • RES 1: 165.29 High Mar 9
  • PRICE: 163.56 @ 05:06 GMT Mar 10
  • SUP 1: 163.38 Low Mar 9
  • SUP 2: 163.19 76.4% retracement of the Feb 10 - Mar 7 rally
  • SUP 3: 162.29 Low Feb 22
  • SUP 4: 161.50 Low Feb 10 and the bear trigger

Bund futures traded lower again Wednesday, extending this week’s bearish pressure. The contract has breached support at 165.51, Mar 3 low to suggest potential for a deeper pullback. Further weakness would open 163.19, a Fibonacci retracement. Clearance of this support would signal potential for a move towards the key level at 161.50, the Feb 10 low and a medium-term bear trigger. Initial resistance is at 165.29, the Mar 9 high.

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