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(Z1) Corrective Pullback

  • RES 4: 173.93 High Aug 25
  • RES 3: 173.54 High Aug 31
  • RES 2: 172.95 61.8% retracement of the Aug - Nov sell-off
  • RES 1: 172.57 High Nov 22
  • PRICE: 171.51 @ 05:02 GMT Nov 23
  • SUP 1: 171.44 High Nov 9 and recent breakout level
  • SUP 2: 170.06 Low Nov 5
  • SUP 3: 168.98 Low Nov 3
  • SUP 4: 167.69 Low Nov 1 and the bear trigger

Bund futures have pulled back from recent highs. The outlook remains bullish following last week's rally that confirmed a resumption of the uptrend. Friday's breach of 171.95 - the 61.8% retracement of the Aug - Nov sell-off puts near-term momentum in favour of bulls, opening potential for gains toward 172.95, the 76.4% retracement. On the downside, firm support to watch is unchanged at 170.06. Initial support is at 171.44.

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