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(Z2) Bearish Outlook

BUND TECHS
  • RES 4: 144.56 High Sep 12
  • RES 3: 143.68 38.2% retracement of the Aug 2 - Sep 28 bear leg
  • RES 2: 140.13/42.87 High Oct 6 / 4
  • RES 1: 138.58 20-day EMA
  • PRICE: 137.12 @ 05:26 BST Oct 19
  • SUP 1: 135.14 Low Oct 12 and the bear trigger
  • SUP 2: 135.00 Round number support
  • SUP 3: 134.76 4.382 proj of the Aug 2 - 12 - 15 price swing
  • SUP 4: 134.24 4.50 proj of the Aug 2 - 12 - 15 price swing

Bund futures are unchanged and remain in a downtrend - recent gains are considered corrective. The reversal from 142.87, Oct 4 high, marked the end of the correction between Sep 28 - Oct 4 and confirmed a resumption of the primary downtrend. This has reinforced a broader bearish theme and moving average studies remain in a bear mode position. Key resistance is at 142.87. The 20-day EMA, at 138.58, is the first resistance to watch.

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