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(Z3) Gains Considered Corrective

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: 131.14 20-day EMA
  • PRICE: 130.83 @ 05:24 BST Sep 14
  • SUP 1: 129.95 Low Sep 13
  • SUP 2: 129.72 Low Aug 15 and key support
  • SUP 3: 129.30 1.00 proj of the Jul 19 - Aug 4 - Aug 8 price swing
  • SUP 4: 128.45 1.236 proj of the Jul 19 - Aug 4 - Aug 8 price swing

Bund futures traded lower yesterday before recovering. The contract has breached 130.35, Sep 7 low. This reinforces bearish conditions and extends last week’s move down. Moving average studies remain in a bear mode position, highlighting a primary downtrend. A continuation would expose 129.72, the Aug 15 low and a key support. Short-term gains are considered corrective. Resistance is at 131.14, the 20-day EMA.

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