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EGB OPTIONS

Large Bund downside

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  • RES 4: 135-22 2.618 proj of Jun 17 - 21 - 25 price swing
  • RES 3: 135-19+ 50% Aug'20 - May'21 Sell-Off
  • RES 2: 135-09 High Feb 25
  • RES 1: 135-07 High Jul 20 and the bull trigger
  • PRICE: 134-08 @ 16:03 BST Jul 29
  • SUP 1: 133-26 Low Jul 19
  • SUP 2: 133-00+/132.30 50-day EMA / Low Jul 14 and high Jun 21
  • SUP 3: 131-24+ Low Jun 25
  • SUP 4: 132-23+ Bull channel base drawn off the May 30 low

Treasury futures are consolidating and remain below 135-07, Jul 20 high. Gains on Jul 19 resulted in a break of the bull channel top drawn from the Mar 30 low. This is a bullish development even though price is back inside the channel. Key S/T support is at 133-26, Jul 19 low and the outlook is bullish above it. A break lower would signal scope for a deeper pullback. 135-07 is the bull trigger, a break opens 135-19+, a retracement level.