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(Z1) Through Resistance

BUND TECHS
  • RES 4: 171.95 61.8% retracement of the Aug - Nov sell-off
  • RES 3: 171.14 50.0% retracement of the Aug - Nov sell-off
  • RES 2: 170.55 High Oct 4
  • RES 1: 170.33 High Nov 4
  • PRICE: 170.15 @ 05:11 GMT Nov 5
  • SUP 1: 168.98 Low Nov 3
  • SUP 2: 167.69 Low Nov 1 and the bear trigger
  • SUP 3: 167.52 Low Mar 19 2020 (cont)
  • SUP 4: 166.33 Low May 21 2019 (cont)

Bund futures traded higher yesterday and in the process breached resistance at 169.83, Oct 27 high. Note too that futures have also probed the 50-day EMA at 170.06. A clear break of both these levels would suggest scope for a stronger short-term corrective bounce. This would open 171.14, a Fibonacci retracement. On the downside, key support has been defined at 167.69, Nov 1 low. Initial support is at 168.98.

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