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(Z2) Corrective Cycle Extends

BUND TECHS
  • RES 4: 145.37 High Sep 8
  • RES 3: 144.56 High Sep 12
  • RES 2: 143.68 38.2% retracement of the Aug 2 - Sep 28 bear leg
  • RES 1: 142.87 High Oct 4
  • PRICE: 141.42 @ 05:09 BST Oct 5
  • 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. This week’s gains reinforce this bullish theme and price has cleared resistance around the 20-day EMA. The average intersects at 141.62 and the clear break signals scope for a stronger bounce. This opens 143.68, a Fibonacci retracement. Key support and the bear trigger has been defined at 135.52, the Sep 28 low.

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