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(Z1) Bull Flag Confirmed

  • RES 4: 172.65 50.0% retracement of the Aug - Nov sell-off
  • RES 3: 172.12 High Sep 14
  • RES 2: 172.11 200-dma (continuation)
  • RES 1: 171.96 High Nov 19
  • PRICE: 171.12 @ 09:41 GMT Nov 19
  • SUP 1: 170.06 Low Nov 5
  • SUP 2: 168.98 Low Nov 3
  • SUP 3: 167.69 Low Nov 1 and the bear trigger
  • SUP 4: 167.52 Low Mar 19 2020 (cont)

Bund futures have rallied sharply, cementing the bull flag as bullish conditions are reinforced further. Today's breach of 171.95 - the 76.4% retracement of the Aug - Nov sell-off puts near-term momentum well in favour of bulls, opening potential for gains toward level. On the downside, initial support to watch is unchanged at 170.06.

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