(U9) Trendline support breached *RES.....>

BUND TECHS: (U9) Trendline support breached

*RES 4: 175.03 Bull channel top drawn off the May 3 low

*RES 3: 174.72 1.00 Fibonacci ratio of Apr 30-May 15 rally off Jun 27 low

*RES 2: 174.05/06 High Jul 4/0.764 ratio of Apr 30-May 15 rally from Jun 27 low

*RES 1: 173.70 High Jul 8

*PRICE: 172.88 @ 02:53 GMT July 10

*SUP 1: 172.46 Jun 28 low

*SUP 2: 171.92 Low Jun 27 and key support

*SUP 3: 171.73 Broader trendline support drawn off the Apr 17 low

*SUP 4: 171.42 Low Jun 17

U9 Bund maintains a softer tone as it continues to retrace. Price action is

trading below the Jul 5 low and has also cleared trendline support drawn off the

May 3 low. The break of the trendline signals scope for a deeper correction and

is supported by momentum studies that are beginning to unwind a prior overbought

condition. Potential is now seen for a move to 172.46 next. The broader uptrend

remains intact, however a move above 174.05 is required to reinstate it.