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(Z1) Resumes Its Downtrend

BUND TECHS
  • RES 4: 173.93 High Aug 25
  • RES 3: 173.93 High Aug 25
  • RES 2: 172.76 High Sep 2 and 3
  • RES 1: 172.29 High Sep 7
  • PRICE: 171.61 @ 04:57 BST Sep 8
  • SUP 1: 171.49 2.236 proj of the Aug 5 - 11 - 17 price swing
  • SUP 2: 171.30 2.382 proj of the Aug 5 - 11 - 17 price swing
  • SUP 3: 171.16 2.500 proj of the Aug 5 - 11 - 17 price swing
  • SUP 4: 171.00 Round number support

Bund futures traded through the 172.00 handle yesterday. This confirms a resumption of the downtrend that started Aug 5 and paves the way for a deeper retracement. Note that price action last week moved below the 50-day EMA on the continuation chart. This also reinforces the current bearish theme. The focus is on 171.49 next, a Fibonacci projection and yesterday's low. Initial firm resistance is at 172.76, Sep 2 and 3 high.

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