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(Z1) Downtrend Remains Intact

BUND TECHS
  • RES 4: 172.12 High Sep 14
  • RES 3: 171.96 High Sep 21 and key near-term resistance
  • RES 2: 170.81 Low Sep 17 and recent breakout level
  • RES 1: 170.55 High Oct 4 and key near-term resistance
  • PRICE: 169.51 @ 05:20 BST Oct 8
  • SUP 1: 169.01 1.764 proj of the Sep 9 - 17 - 21 price swing
  • SUP 2: 168.75 Low May 21 (cont)
  • SUP 3: 168.29 Low May 19 (cont)
  • SUP 4: 167.98 2.382 proj of the Sep 9 - 17 - 21 price swing

Bund futures remain bearish and resumed their downtrend Wednesday, breaking 169.48, Sep 28 low. A bearish price sequence of lower lows and lower highs remains in place and this defines a downtrend. Note moving average studies are in a bear mode too, reinforcing current trend conditions. The focus is on 169.01 next, a Fibonacci projection and beyond. Key short-term resistance has been defined at 170.55.

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