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(Z0) Corrective Cycle

BUND TECHS
  • RES 4: 176.57 1.618 proj of Aug 28 - Sep 9 rally from the Sep 10 low
  • RES 3: 176.32 1.500 proj of Aug 28 - Sep 9 rally from the Sep 10 low
  • RES 2: 176.29 High Oct 16 and the bull trigger
  • RES 1: 175.86 High Oct 21
  • PRICE: 175.27 @ 04:55 BST Oct 23
  • SUP 1: 175.09/08 20-day EMA / High Aug 4 and recent breakout level
  • SUP 2: 174.76 Low Oct 13
  • SUP 3: 174.66 Trendline support drawn off the Sep 1 low
  • SUP 4: 174.52 50-day EMA

Bund gains stalled this week with key resistance defined at 176.29, Oct 16 high and futures remain soft. The pullback is likely a correction though following recent gains. Attention is on support at 175.08, Aug 4 high and a former breakout level. The 20-day EMA intersects at 175.09. On the upside, clearance of 176.29, the bull trigger, would confirm a resumption of the uptrend and open 176.32/57, Fibonacci projections. Resistance is at 175.86.

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