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(Z3) Outlook Remains Bullish

BUND TECHS
  • RES 4: 132.97 1.618 proj of the Oct 4 - 12 - 23 price swing
  • RES 3: 132.78 High Sep 1 and a key resistance
  • RES 2: 132.13 1.382 proj of the Oct 4 - 12 - 23 price swing
  • RES 1: 131.74 High Nov 17
  • PRICE: 130.91 @ 05:21 GMT Nov 22
  • SUP 1: 130.36/129.89 Low Nov 15 / 50-day EMA
  • SUP 2: 129.35 Low Nov 7 / 13 and key short-term support
  • SUP 3: 128.31/127.18 Low Oct 27 / 23
  • SUP 4: 126.62 Low Oct 4 and the bear trigger

Bund futures maintain a firmer short-term tone and the contract is trading closer to its recent highs. Price has recently breached a resistance at 130.93, the Nov 9 high, to confirm a resumption of the uptrend that started on Oct 4. The move higher opens 132.13, a Fibonacci projection. Firm support to watch is 129.35, the Nov 7 / 13 low. A breach of this level would highlight a possible reversal.

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