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(Z2) Clears Key Support

BUND TECHS
  • RES 4: 146.81 High Sep 5 and a key resistance
  • RES 3: 144.53 20-day EMA
  • RES 2: 143.87 High Sep 14
  • RES 1: 142.58 High Sep 20
  • PRICE: 139.92 @ 05:05 BST Sep 23
  • SUP 1: 139.83 Intraday low
  • SUP 2: 139.20 3.382 proj of the Aug 2 - 12 - 15 price swing
  • SUP 3: 138.68 Low Jan 2014
  • SUP 4: 138.16 3.6118 proj of the Aug 2 - 12 - 15 price swing

Bund futures remain in a clear downtrend and the extension lower this week has again confirmed a resumption of the bear leg that started early August. The major support at 140.67, the Jun 16 low (cont), has been cleared. The break strengthens the broader bearish outlook and confirms a resumption of the primary downtrend. With 140.00 pierced, attention turns to 139.20, a Fibonacci projection. The 20-day EMA, at 144.10 is a firm resistance.

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