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(Z2) Downtrend Extends

BUND TECHS
  • 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: 138.34/52 20-day EMA / High Oct 14
  • PRICE: 135.01 @ 09:23 BST Oct 20
  • SUP 1: 134.65 0.50 proj of the Oct 4 - 12 - 14 price swing
  • 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 are trading lower today. The contract has cleared support at 135.14, the Oct 12 low. This confirms a resumption of the primary downtrend and with 135.00 pierced, scope is seen for a continuation lower. This maintains the bearish price sequence of lower lows and lower highs and opens 134.65 next, a Fibonacci extension. On the upside, key short-term resistance has been defined at 138.52, the Oct 14 high.

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