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(U0) Retracing Recent Losses

BUND TECHS
  • RES 4: 178.01 High Jul 31, Aug 4 and key resistance
  • RES 3: 177.67 High Aug 7
  • RES 2: 176.96 61.8% retracement of the Aug 4 - 14 sell-off
  • RES 1: 176.87 High Aug 19
  • PRICE: 176.64 @ 04:54 BST Aug 20
  • SUP 1: 176.03 Low Aug 18
  • SUP 2: 175.25 Low Aug 14
  • SUP 3: 175.04 Low Jul 2 and the next bear trigger
  • SUP 4: 174.65 61.8% retracement of the Jun 5 - Aug 4 rally

Bund futures pushed higher again yesterday however futures did find resistance at the day high. Despite the extent of the recent bounce, these recent gains are still considered a correction. This follows last week's sell-off that resulted in a break of the 50-dma and the 175.53 Fibonacci retracement, 23.6% of the Mar - Aug rally on the continuation chart. Next resistance is seen at 176.87, a Fibonacci retracement.

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