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(U0) Bullish Focus Fades

BUND TECHS
  • RES 4: 179.56 High Mar 6 (cont)
  • RES 3: 179.22 1.000 proj of Jun 5 - Jun 29 rally from Jul 2 low
  • RES 2: 178.23 0.764 proj of Jun 5 - Jun 29 rally from Jul 2 low
  • RES 1: 178.00 Round number resistance
  • PRICE: 177.33 @ 05:24 BST Aug 3
  • SUP 1: 176.83 Jul 29 low
  • SUP 2: 175.95 Low Jul 24 and key near-term support
  • SUP 3: 175.77/54 Low Jul 20 / Low Jul 9
  • SUP 4: 175.04 Low Jul 2

Bund futures traded firmly early Friday before retracing throughout US hours. Nonetheless, bullish momentum remains intact with the Thursday low still a way off. Recent gains confirmed a resumption of the uptrend that has been in place since Jun 5 and also confirmed a recent bullish pattern, an ascending triangle. Having briefly traded above 178.00 intraday, futures now need to close above the mark to re-accelerate any rally. The ultimate target holds at 179.56, Mar 6 high. Support is at 176.83.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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