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(Z1) Bear Trend Sequence Intact

BUND TECHS
  • RES 4: 172.48 High Sep 9
  • RES 3: 172.12 High Sep 14
  • RES 2: 171.96 High Sep 21 and key near-term resistance
  • RES 1: 170.84 50.0% retracement of the Dep 21 - 24 downleg
  • PRICE: 170.63 @ 05:16 BST Sep 24
  • SUP 1: 170.14 Low Sep 24
  • 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 last week breaking below a former support at 170.81, Sep 17 low. This reinforces a bearish theme and maintains the price sequence of lower lows and lower highs signalling scope for an extension lower. The focus is on 169.90 next, a Fibonacci projection. Key short-term resistance has been defined at 171.96, Sep 21 high. A break above this level is required to ease bearish pressure.

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