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(Z3) Bear Trend Extends

BUND TECHS
  • RES 4: 130.19 High Sep 22 and key resistance
  • RES 3: 129.29 20-day EMA
  • RES 2: 128.79 High Sep 29
  • RES 1: 127.95 High Oct 3
  • PRICE: 126.90 @ 05:30 BST Oct 4
  • SUP 1: 126.81 Intraday low
  • SUP 2: 126.54 1.764 proj of the Jul 19 - Aug 4 - Aug 8 price swing
  • SUP 3: 126.00 Round number support
  • SUP 4: 125.69 2.00 proj of the Jul 19 - Aug 4 - Aug 8 price swing

Bund futures remain in a downtrend. The contract traded sharply lower last week and has traded to a fresh cycle low today. The recent breach of 129.72, Aug 14 low and a key bear trigger, reinforced a bearish theme and confirmed a resumption of the primary downtrend. Today’s extension maintains the price sequence of lower lows and lower highs. Sights are on 126.54 next, a Fibonacci projection. Key short-term resistance is at 129.29, the 20-day EMA.

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