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(Z1) In A Downtrend

BUND TECHS
  • RES 4: 172.76 High Sep 2 and 3
  • RES 3: 172.48 High Sep 9
  • RES 2: 172.12 High Sep 14 and key near-term resistance
  • RES 1: 171.84 High Sep 20
  • PRICE: 171.56 @ 05:13 BST Sep 21
  • SUP 1: 170.81 Low Sep 17
  • SUP 2: 170.52 3.00 proj of the Aug 5 - 11 - 17 price swing
  • SUP 3: 170.22 3.236 proj of the Aug 5 - 11 - 17 price swing
  • SUP 4: 170.00 Round number support

Bund futures remain in a downtrend and short-term gains are considered corrective. A bearish theme follows the recent move through 172.00. The break lower last week confirmed a resumption of the downtrend that started Aug 5 and paves the way for a deeper retracement. Attention is on 170.52 next, a Fibonacci projection. Initial firm resistance is at 172.12, Sep 14 high. A break would ease the current bearish sentiment.

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