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(Z2) Trades Through Support

BUND TECHS
  • RES 4: 142.87 High Oct 4 and a key reversal point
  • RES 3: 141.74 High Oct 5
  • RES 2: 140.76/92 50-day EMA / High Oct 28
  • RES 1: 139.95 High Nov 1
  • PRICE: 137.34 @ 08:19 GMT Nov 3
  • SUP 1: 136.97 Intraday low
  • SUP 2: 136.46/134.02 Low Oct 25 / 21 and the bear trigger
  • SUP 3: 133.74 0.618 proj of the Aug 2 - 12 - 15 price swing
  • SUP 4: 132.89 Low Oct 28 2011

Bund futures have traded lower today and in the process breached support at 137.57, the Oct 27 low. The break of this level undermines the recent bullish theme and signals scope for a deeper retracement. Attention turns to 136.46, the Oct 25 low. Note that key support is still far off at 134.02, the Oct 21 low. On the upside, key resistance is at the 50-day EMA, at 140.76. Clearance of the average is required to strengthen a bullish case.

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