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(Z2) Watching Resistance At The 50-Day EMA

BUND TECHS
  • RES 4: 143.26 High Sep 19
  • RES 3: 142.87 High Oct 4 and a key reversal point
  • RES 2: 141.74 High Oct 5
  • RES 1: 140.93 50-day EMA
  • PRICE: 138.94 @ 05:08 BST Oct 31
  • SUP 1: 137.57 Low Oct 27
  • 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 remain in an uptrend following last week’s gains and extension from the Oct 21 low of 134.02. Short-term gains are considered corrective. However, with the bullish cycle in play and following the break of 138.52, Oct 14 high, scope is seen for a continuation higher. The focus is on the 50-day EMA, at 140.93 - a key resistance. A reversal lower and a break of 137.57, Thursday’s low, would instead signal the end of the corrective cycle.

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