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SocGen: CPI To Struggle To Fall Below 4-5% In Months Ahead


Bearish Outlook


Nordea: CPI To Display Further Stubbornly High Prices

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(U1) Ranges Tightening

  • RES 4: 178.32 High Jan 27 (cont)
  • RES 3: 178.12 High Jan 27
  • RES 2: 177.69 1.764 proj of the May 19 - Jun 11 - Jun 22 price swing
  • RES 1: 177.61 High Aug 05
  • PRICE: 176.60 @ 16:19 BST Aug 12
  • SUP 1: 175.82/24 Low Jul 27 / Low Jul 22
  • SUP 2: 174.77/45 High Jul 8 / Low Jul 15
  • SUP 3: 173.79 50-day EMA
  • SUP 4: 173.70 Low Jul 13 and 14

Bund futures traded inside the recent range Thursday, providing few fresh technical signals. The recent winning streak concluded Friday, with bond markets globally edging lower. This ends the winning streak of 8 consecutive sessions of higher highs, although the outlook holds bullish. Any return higher targets 177.69, a Fibonacci extension. Moving average conditions remain in bull mode, reinforcing the current positive trend structure. Any pullback would initially target the late July lows of 175.62/24.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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