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(Z2) Arrives At The 50-Day EMA

BUND TECHS
  • RES 4: 143.26 High Sep 19
  • RES 3: 142.87 High Oct 4 and a key reversal point
  • RES 2: 141.74 High Oct 5
  • RES 1: 141.00 50-day EMA
  • PRICE: 140.43 @ 05:25 BST Oct 28
  • SUP 1: 137.57 Low Oct 27
  • SUP 2: 136.46/134.02 Low Oct 25 / 21 and the bear trigger
  • SUP 3: 133.74 0.618 proj of the Aug 2 - 12 - 15 price swing
  • SUP 4: 132.89 Low Oct 28 2011

Bund futures traded higher again Thursday, extending the recovery from the Oct 21 low of 134.02. Short-term gains are considered corrective. However, the bullish cycle remains in play and the break of 138.52 signals scope for a continuation higher near-term. The focus is on the 50-day EMA, at 141.00 - a key resistance. A reversal lower and a break of 137.57, Thursday’s low, would instead signal the end of the corrective cycle.

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