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  • RES 4: 172.76 High Sep 2 and 3
  • RES 3: 172.48 High Sep 9
  • RES 2: 172.12 High Sep 14
  • RES 1: 171.96 High Sep 21 and key near-term resistance
  • PRICE: 170.44 @ 05:22 BST Sep 24
  • SUP 1: 170.29 100 proj of the Sep 9 - 17 - 21 price swing
  • SUP 2: 170.00 Round number support
  • SUP 3: 169.90 1.236 proj of the Sep 9 - 17 - 21 price swing
  • SUP 4: 169.46 1.382 proj of the Sep 9 - 17 - 21 price swing

Bund futures resumed their downtrend yesterday breaking below former support at 170.81, Sep 17 low. This maintains the bearish sequence of lower lows and lower highs and signals scope for an extension lower. The focus is on 170.29, a Fibonacci projection ahead of the 170.00 handle. Key short-term resistance has been defined at 171.96, Sep 21 high. A break of this level is required to ease bearish pressure.