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(Z2) Corrective Gains Extend

BUND TECHS
  • RES 4: 142.87 High Oct 4 and a key reversal point
  • RES 3: 141.23 50-day EMA
  • RES 2: 140.13 High Oct 6
  • RES 1: 138.52 High Oct 14 and key resistance
  • PRICE: 138.16 @ 15:28 BST Oct 25
  • SUP 1: 136.46/134.02 Low Oct 25 / 21 and the bear trigger
  • SUP 2: 133.74 0.618 proj of the Aug 2 - 12 - 15 price swing
  • SUP 3: 132.89 Low Oct 28 2011
  • SUP 4: 132.61 0.764 proj of the Aug 2 - 12 - 15 price swing

Bund futures have strengthened today, extending the recovery from Friday’s low of 134.02. Short-term gains are considered corrective and the next firm resistance is at 138.52, the Oct 14 high. A break of this level would suggest scope for a stronger bounce, potentially opening up the 50-day EMA, at 141.23. A reversal lower and a break of 134.02 would mark the end of the corrective cycle and confirm a resumption of the primary downtrend.

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