MNI China Daily Summary: Wednesday, December 11

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(Z0) Holding Onto Recent Gains

BUND TECHS
  • RES 4: 177.18 High Sep 3 (cont)
  • RES 3: 176.94 High Sep 8 (cont)
  • RES 2: 176.57 1.618 proj of Aug 28 - Sep 9 rally from the Sep 10 low
  • RES 1: 176.32 1.500 proj of Aug 28 - Sep 9 rally from the Sep 10 low
  • PRICE: 176.09 @ 04:54 BST Oct 20
  • SUP 1: 175.35 Low Oct 15
  • SUP 2: 175.04 Low Oct 14
  • SUP 3: 174.92 20-day EMA
  • SUP 4: 174.39 50-day EMA

Bunds are trading near recent highs and maintain a bullish tone following last week's rally. Futures last week cleared resistance at 174.97, Oct 2 high and more importantly, the key level at 175.08, Aug 4 high. The breach of 175.08 confirmed a resumption of the broader uptrend setting the scene for further gains. The next objectives and potential resistance levels are 176.32 and 176.57, both Fibonacci projections. Initial support is at 175.35, Oct 15 low.

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