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(Z1) Trend Needle Still Points North

BUND TECHS
  • RES 4: 172.12 High Sep 14
  • RES 3: 171.95 61.8% retracement of the Aug - Nov sell-off
  • RES 2: 171.72 High Sep 23
  • RES 1: 171.24 High Nov 5
  • PRICE: 170.75 @ 05:20 GMT Nov 9
  • SUP 1: 170.06 Low Nov 5
  • SUP 2: 168.98 Low Nov 3
  • SUP 3: 167.69 Low Nov 1 and the bear trigger
  • SUP 4: 167.52 Low Mar 19 2020 (cont)

Bund futures are trading closer to recent highs. Last week's gains resulted in a break of resistance at 169.83, Oct 27 high. Note too that futures have also cleared the 50-day EMA. The break of both these levels suggest scope for a stronger short-term corrective bounce. 171.14, 50.0% of the Aug - Nov sell-off has been reached. This opens 171.95, the 76.4% level. On the downside, Initial support is at 170.06.

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