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(Z1) Needle Still Points South

  • RES 4: 171.96 High Sep 21 and key near-term resistance
  • RES 3: 170.81 Low Sep 17 and recent breakout level
  • RES 2: 170.55 High Oct 4 and key near-term resistance
  • RES 1: 170.00 High Oct 7
  • PRICE: 168.85 @ 05:16 BST Oct 12
  • SUP 1: 168.57 Low Oct 11
  • SUP 2: 168.29 Low May 19 (cont) and a key support
  • SUP 3: 167.98 2.382 proj of the Sep 9 - 17 - 21 price swing
  • SUP 4: 167.79 2.50 proj of the Sep 9 - 17 - 21 price swing

Bund futures remain bearish and started the week on a soft note, trading lower yesterday. A bearish price sequence of lower lows and lower highs remains in place, highlighting bearish conditions. Note moving average studies are in a bear mode too, reinforcing current trend direction. The focus is on 168.29 next, the May 19 low (cont) and beyond. Key short-term resistance has been defined at 170.00.

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