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Free Access(Z2) Gains Considered Corrective
- RES 4: 142.58 High Sep 20
- RES 3: 142.17 20-day EMA
- RES 2: 142.02 High Sep 22
- RES 1: 139.29/140.99 High Sep 27 / 23
- PRICE: 138.34 @ 05:02 BST Sep 29
- SUP 1: 135.41 4.236 proj of the Aug 2 - 12 - 15 price swing
- SUP 2: 135.27 Low Mar 2012 (cont)
- SUP 3: 134.76 4.382 proj of the Aug 2 - 12 - 15 price swing
- SUP 4: 134.24 4.50 proj of the Aug 2 - 12 - 15 price swing
Bund futures remain in a downtrend despite yesterday’s bounce. The extension lower this week again confirms a continuation of the bear cycle that started early August. A major support at 140.67, Jun 16 low (cont), has been cleared. The break strengthens the broader bearish outlook and confirms a resumption of the primary downtrend. Attention is on 135.27 next, the Mar 2012 low (cont). The 20-day EMA, at 142.17 is a firm resistance.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.