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(Z3) Bullish Reversal Stalls, But Still Firmer

BUND TECHS
  • RES 4: 131.54 100-dma
  • RES 3: 130.30 50-dma
  • RES 2: 130.19 High Sep 22 and key resistance
  • RES 1: 129.99 High Oct 11
  • PRICE: 129.15 @ 16:45 BST Oct 12
  • SUP 1: 126.54 1.764 proj of the Jul 19 - Aug 4 - Aug 8 price swing
  • SUP 2: 126.00 Round number support
  • SUP 3: 125.69 2.00 proj of the Jul 19 - Aug 4 - Aug 8 price swing
  • SUP 4: 124.84 2.236 proj of the Jul 19 - Aug 4 - Aug 8 price swing

Bund futures broke convincingly higher still Wednesday, further erasing the late September pull lower. The moves narrow the gap with the key upside resistance at the 50-dma of 130.30, a break above which would shift the balance in favour of bulls. To weaken the outlook and resume the medium-term downtrend, prices need to slip back below the 128.00 handle, targeting pullback lows of 126.62.

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