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(Z0) Probes Key Resistance

BUND TECHS
  • RES 4: 177.00 Round number resistance
  • RES 3: 176.89 1.764 proj of Aug 28 - Sep 9 rally from the Sep 10 low
  • RES 2: 176.57 1.618 proj of Aug 28 - Sep 9 rally from the Sep 10 low
  • RES 1: 176.43 High Oct 28
  • PRICE: 175.98 @ 05:02 GMT Oct 29
  • SUP 1: 175.92 Intraday low
  • SUP 2: 175.27 Low Oct 27 and a key support
  • SUP 3: 175.00 Low Oct 23
  • SUP 4: 174.90 Trendline support drawn off the Sep 1 low

Bunds traded higher again yesterday extending the recovery off 175.00, Oct 23 low. Futures traded above the key resistance at 176.29, Oct 16 high confirming a resumption of the underlying uptrend that opens 176.57 next, a Fibonacci projection. A concern for bulls however is yesterday's failure at the day's high and low close leading to a doji candle formation. A deeper pullback would expose initial support at 175.27, Oct 27 low.

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