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(Z2) Bearish Outlook

  • 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 and key resistance
  • RES 1: 138.34 20-day EMA
  • PRICE: 135.45 @ 05:27 BST Oct 20
  • SUP 1: 135.14 Low Oct 12 and the bear trigger
  • SUP 2: 135.00 Round number support
  • SUP 3: 134.65 0.50 proj of the Oct 4 - 12 - 14 price swing
  • SUP 4: 133.74 0.618 proj of the Aug 2 - 12 - 15 price swing

Bund futures are trading lower. The downtrend remains intact and recent gains are considered corrective. The reversal from 142.87, Oct 4 high, confirmed a resumption of the primary downtrend and has reinforced a broader bearish theme with moving average studies remaining in a bear mode position. Key resistance is at 142.87. The 20-day EMA, at 138.34, is the first resistance to watch.

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