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(U3) Resistance Remains Exposed

BUND TECHS
  • RES 4: 134.88 High Jul 19 and a key resistance
  • RES 3: 134.01 High Jul 24
  • RES 2: 133.92 High Jul 27
  • RES 1: 133.45 High Aug 8 and a key resistance
  • PRICE: 133.03 @ 05:34 BST Sep 1
  • SUP 1: 131.70/20 Low Aug 28 / 23
  • SUP 2: 130.14 Low Aug 15
  • SUP 3: 130.00 Psychological round number
  • SUP 4: 129.69 1.00 proj of the Jul 19 - Aug 4 - Aug 8 price swing

A strong rally in Bund futures on Aug 23 resulted in a break of resistance at the 20- and 50-day EMA values. That move higher continues to threaten the recent bearish theme and signals scope for a stronger recovery. Yesterday’s gains reinforce this theme. This has exposed 133.45, the Aug 8 high and the next key resistance. Initial firm support to watch lies at 131.20, the Aug 23 low. A break of this level would instead be seen as a bearish development.

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