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Resend: (Z0) Corrective Bounce

BUND TECHS
  • RES 4: 176.46 High Nov 9
  • RES 3: 175.53 Low Nov 4
  • RES 2: 175.45 Former trendline support drawn off the Sep 1 low
  • RES 1: 175.00 Low Oct 23
  • PRICE: 174.62 @ 05:26 GMT Nov 12
  • SUP 1: 173.66 Low Nov 11
  • SUP 2: 173.32 76.4% retracement of the Aug 28 - Nov 4 rally
  • SUP 3: 173.06 Low Oct 9
  • SUP 4: 173.00 Round number support

Bunds have found some support and are correcting higher. Sharp losses Monday continue to weigh however. Weakness this week resulted in a break of trendline support drawn off the Sep 1 low signalling a reversal of the recent 2-month uptrend. The break of support at 175.00, Oct 23 low also reinforces the importance of Monday's bearish pressure and has opened 173.32 next, a Fibonacci retracement. Firm resistance is at 175.00.

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