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(Z3) Impulsive Bear Cycle Extends

BUND TECHS
  • RES 4: 130.19 High Sep 22 and key resistance
  • RES 3: 129.80 20-day EMA
  • RES 2: 129.23 High Sep 27
  • RES 1: 128.59 High Sep 28
  • PRICE: 127.49 @ 05:26 BST Sep 29
  • SUP 1: 127.01 Low Sep 28
  • SUP 2: 127.54 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 traded sharply lower yesterday and the contract remains soft. The recent breach of support at 129.72, the Aug 14 low and a key bear trigger, reinforced a bearish theme and confirmed a resumption of the primary downtrend. This week’s move lower has strengthened the bearish case. Sights are on 126.54 next, a Fibonacci projection. Key short-term resistance is at 130.19, the Sep 22 high.

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