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(Z2) Remains Vulnerable

BUND TECHS
  • RES 4: 142.87 High Oct 4 and a key reversal point
  • RES 3: 141.74 High Oct 5
  • RES 2: 140.23/92 50-day EMA / High Oct 28 and the bull trigger
  • RES 1: 137.82/139.24 20-day EMA / High Nov 2
  • PRICE: 137.20 @ 05:04 GMT Nov 9
  • SUP 1: 135.65 76.4% retracement of the Oct 21 - 28 bull phase
  • SUP 2: 135.23 Low Oct 24
  • SUP 3: 134.02 Low Oct 21 and the bear trigger
  • SUP 4: 133.74 0.618 proj of the Aug 2 - 12 - 15 price swing

Bund futures maintain a bearish tone following last week’s move lower and despite yesterday’s gains. The recent break of 137.57, Oct 27 low, signals scope for a deeper retracement near-term. This has opened 135.65, a Fibonacci retracement ahead of the bear trigger at 134.02, the Oct 21 low. On the upside, initial resistance is at 137.82, the 20-day EMA. A break would be seen as a positive intraday development.

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