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(Z3) Recovery Mode

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: 131.49 High Sep 14
  • PRICE: 131.21 @ 05:21 BST Sep 15
  • 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 have recovered from their recent lows and the contract has traded through resistance at the 20-day EMA - at 131.15. A continuation higher would highlight a possible short-term reversal and open 131.82, the Sep 4 high. Key resistance is still far off at 132.91, the Aug 8 high. For bears, a resumption of weakness would refocus attention on key support at 129.72, Aug 15 low.

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