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(Z1) Needle Still Points South

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: 170.32 High Sep 29
  • PRICE: 170.05 @ 05:23 BST Sep 30
  • SUP 1: 169.46 1.50 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 short-term gains are considered corrective. A bearish outlook remains intact following recent weakness that marked an extension of the price sequence of lower lows and lower highs. The focus is on 169.46 next, a Fibonacci projection and beyond. Key short-term resistance has been defined at 171.96, Sep 21 high. A break above this level is required to ease bearish pressure. Initial resistance is at 170.32.

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