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(Z1) Pullback Still Considered Corrective

BUND TECHS
  • 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: 171.01 @ 05:05 GMT Nov 24
  • SUP 1: 170.56 Low Nov 23
  • 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 traded lower yesterday. For now, the pullback is considered corrective as long as support at 170.06 remains intact, the Nov 5 low. Last week's rally confirmed a resumption of the uptrend and the recent breach of 171.95 - 61.8% of the Aug - Nov sell-off opens potential for gains toward 172.95, the 76.4% retracement. A break of 170.06 however would alter the picture.

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