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(Z3) Corrective Bounce Extends

BUND TECHS
  • RES 4: 131.33 76.4% retracement of the Sep 1 - Oct 4 downleg
  • RES 3: 130.43 61.8% retracement of the Sep 1 - Oct 4 downleg
  • RES 2: 130.20 High Oct 12 and a bull trigger
  • RES 1: 129.14/129.61 High Oct 17 / 50-day EMA
  • PRICE: 129.00 @ 10:14 BST Oct 24
  • SUP 1: 128.22/127.18 Intraday low / Low Oct 23
  • 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 in a downtrend, however, yesterday’s gains and today’s follow through highlight a strong corrective cycle. The break higher has resulted in a move through the 20-day EMA and this has exposed resistance at the 50-day EMA, which intersects at 129.61. Clearance of this average would expose the key resistance at 130.20, the Oct 12 high. Initial support to watch is 127.18, the Oct 23 low. A break would be a bearish development.

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