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(U3) Trend Needle Points South

BUND TECHS
  • RES 4: 134.01 High Jul 24
  • RES 3: 133.45 High Aug 8
  • RES 2: 132.20 20-day EMA
  • RES 1: 131.29/67 High Aug 16 / 14
  • PRICE: 130.65 @ 05:44 BST Aug 17
  • SUP 1: 130.14 Low Aug 15
  • SUP 2: 130.00 Psychological round number
  • SUP 3: 129.69 1.00 proj of the Jul 19 - Aug 4 - Aug 8 price swing
  • SUP 4: 128.80 1.236 proj of the Jul 19 - Aug 4 - Aug 8 price swing

Bund futures maintain a bearish tone and the contract traded sharply lower Tuesday, before finding some support. 131.12, the Aug 4 low and 130.60, the Jul 10 low, have been cleared. This strengthens the current bearish theme and marks a resumption of the long-term downtrend. Attention Is on Psychological 130.00 handle next. A break would open 129.69, a Fibonacci projection. Initial resistance is seen at 131.26.

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