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(U0) Closing In On Channel Resistance

BUND TECHS
  • RES 4: 176.50 High Aug 11
  • RES 3: 177.37 High Aug 21
  • RES 2: 176.90 Bear channel top drawn off the Aug 5 high
  • RES 1: 176.82 High Sep 2
  • PRICE: 176.66 @ 04:46 BST Sep 3
  • SUP 1: 176.00 Low Sep 2
  • SUP 2: 175.06/04 Low Jul 2 / Low Aug 28
  • SUP 3: 174.80 Low Aug Jun 17
  • SUP 4: 174.65 61.8% retracement of the Jun - Aug rally

Bund futures traded higher yesterday and futures are currently holding onto gains. Attention is on a key resistance at 176.90. This is the top of a bear channel drawn off the Aug 5 high. A break would strengthen a bullish argument and expose 177.37, Aug 21 high. On the downside, a return lower with channel resistance intact, would refocus attention on key support at 175.06, Aug 28 low.

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