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(Z2) Holding On To This Week’s Gains

BUND TECHS
  • RES 4: 142.87 High Oct 4 and a key reversal point
  • RES 3: 141.03 50-day EMA
  • RES 2: 140.13 High Oct 6
  • RES 1: 139.05 High Oct 26
  • PRICE: 138.80 @ 04:57 BST Oct 27
  • 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 traded higher again Wednesday, extending the recovery from the Oct 21 low of 134.02. Short-term gains are considered corrective. This bullish cycle remains in play and the break of 138.52 signals scope for a continuation higher near-term. The focus is on the 50-day EMA, at 141.03. 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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