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(Z2) Corrective Cycle

BUND TECHS
  • RES 4: 143.68 38.2% retracement of the Aug 2 - Sep 28 bear leg
  • RES 3: 142.58 High Sep 20
  • RES 2: 142.02 High Sep 22
  • RES 1: 1141.40/41 20-day EMA / Intraday high
  • PRICE: 141.27 @ 05:05 BST Oct 4
  • SUP 1: 138.05 Low Oct 3
  • SUP 2: 135.52 Sep 28 low and key support
  • SUP 3: 135.27 Low Mar 2012 (cont)
  • SUP 4: 134.76 4.382 proj of the Aug 2 - 12 - 15 price swing

Bund futures remain in a downtrend, however, the contract has entered a short-term bullish corrective cycle. Yesterday’s strong rally reinforces this bullish theme and price has arrived at resistance around the 20-day EMA. The average intersects at 141.40 and a clear break would signal scope for a strong ounce. This would open 142.02, the Sep 22 high. Key support and the bear trigger has been defined at 135.52, the Sep 28 low.

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  • RES 4: 143.68 38.2% retracement of the Aug 2 - Sep 28 bear leg
  • RES 3: 142.58 High Sep 20
  • RES 2: 142.02 High Sep 22
  • RES 1: 1141.40/41 20-day EMA / Intraday high
  • PRICE: 141.27 @ 05:05 BST Oct 4
  • SUP 1: 138.05 Low Oct 3
  • SUP 2: 135.52 Sep 28 low and key support
  • SUP 3: 135.27 Low Mar 2012 (cont)
  • SUP 4: 134.76 4.382 proj of the Aug 2 - 12 - 15 price swing

Bund futures remain in a downtrend, however, the contract has entered a short-term bullish corrective cycle. Yesterday’s strong rally reinforces this bullish theme and price has arrived at resistance around the 20-day EMA. The average intersects at 141.40 and a clear break would signal scope for a strong ounce. This would open 142.02, the Sep 22 high. Key support and the bear trigger has been defined at 135.52, the Sep 28 low.