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(Z0) Pulls Back From Recent Highs

BUND TECHS
  • RES 4: 174.93 High Aug 6
  • RES 3: 174.75 High Aug 7
  • RES 2: 174.51 High AUg 21
  • RES 1: 174.34 High Sep 3 and the bull trigger
  • PRICE: 173.52 @ 04:38 BST Sep 7
  • SUP 1: 173.17 Low Sep 2
  • SUP 2: 172.35 Low Sep
  • SUP 3: 172.24 Low Aug 28 and major support
  • SUP 4: 171.70 Bear channel base drawn off the Aug 4 high

Bund futures have pulled back from 174.34, Sep 3 high. Last week, the contract traded through resistance at 174.12. This marked the top of a bear channel drawn off the Aug 4 high. The break has strengthened a bullish argument and exposes 174.51, Aug 21 high. Clearance of this hurdle would signal potential for a climb towards 175.08, Aug 4 high. The bull trigger is 174.34 and on the downside, initial support lies at 173.17, Sep 2 low.

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