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(U3) Corrective Bounce Extends

BUND TECHS
  • RES 4: 135.00 High Jun 27 and key resistance
  • RES 3: 134.88 High Jul 19
  • RES 2: 134.01 High Jul 24
  • RES 1: 133.45 High Aug 8
  • PRICE: 133.20 @ 05:02 BST Aug 9
  • SUP 1: 131.82/12 Low Aug 8 / 4
  • SUP 2: 130.99 Low Jul 12
  • SUP 3: 130.60 Low Jul 10 and a key support
  • SUP 4: 130.00 Psychological round number

Bund futures traded higher Tuesday and breached the 20-day EMA, at 132.67. The 50-day EMA at 133.12, has also been pierced. A clear break of this average would signal scope for a stronger bounce towards 134.01. The trend outlook is bearish and gains are considered corrective - for now. The recent break of 132.23 and 131.61, 61.8% and 76.4% of the Jul 10 - 19 rally, highlights a stronger bearish threat and opens 130.60, the Jul 10 low.

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