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(Z3) Bear Leg Extension

BUND TECHS
  • RES 4: 132.91 High Aug 8
  • RES 3: 132.78 High Sep 1
  • RES 2: 131.82 High Sep 4
  • RES 1: 129.56/130.19 High Sep 25 / 22 and key resistance
  • PRICE: 128.96 @ 05:25 BST Sep 27
  • SUP 1: 128.69 Low Sep 26
  • SUP 2: 128.45 1.236 proj of the Jul 19 - Aug 4 - Aug 8 price swing
  • SUP 3: 127.92 1.382 proj of the Jul 19 - Aug 4 - Aug 8 price swing
  • SUP 4: 127.50 1.50 proj of the Jul 19 - Aug 4 - Aug 8 price swing

Bund futures traded lower yesterday, extending the current bear cycle. The contract breached support last week at 129.72, the Aug 14 low and a key bear trigger. The break reinforced a bearish theme and confirmed a resumption of the primary downtrend. Sights are on 128.45 next, a Fibonacci projection. Key short-term resistance has been defined at 130.19, the Sep 22 high.

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