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(Z3) Bearish Outlook

BUND TECHS
  • RES 4: 131.49 High Sep 14
  • RES 3: 131.33 76.4% retracement of the Sep 1 - Oct 4 downleg
  • RES 2: 130.43 61.8% retracement of the Sep 1 - Oct 4 downleg
  • RES 1: 128.68/130.20 20-day EMA / High Oct 12 and a bull trigger
  • PRICE: 127.55 @ 05:23 BST Oct 23
  • SUP 1: 127.28 Low Oct 19
  • SUP 2: 126.62 Low Oct 4 and the bear trigger
  • SUP 3: 126.00 Round number support
  • SUP 4: 125.49 0.764 proj of the Sep 1 - Oct 4 - Oct 12 price swing

Bund futures remain soft following last week’s move lower. The pullback from 130.20, the Oct 12 high highlights the end of the recent corrective recovery between Oct 4 - 12. Note that the medium-term trend direction is down and moving average studies continue to reflect this. An extension lower would open 126.62, the Oct 4 low and bear trigger. Key short-term resistance and the bull trigger has been defined at 130.20.

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