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(Z3) Remains Soft

BUND TECHS
  • RES 4: 131.49 High Sep 14
  • RES 3: 131.33 76.4% retracement of the Sep 1 - Oct 4 downleg
  • RES 2: 130.43 61.8% retracement of the Sep 1 - Oct 4 downleg
  • RES 1: 128.87/130.20 20-day EMA / High Oct 12 and a bull trigger
  • PRICE: 127.34 @ 05:36 BST Oct 19
  • SUP 1: 127.21 Low Oct 10
  • 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 have continued to weaken this week as the bearish theme strengthens once again. The pullback highlights the end of the recent corrective recovery between Oct 4 - 12. Note that the medium-term trend direction is down and moving average studies reflect this. A continuation lower would open 126.62, the Oct 4 low and bear trigger. Key short-term resistance and a bull trigger has been defined at 130.20, the Oct 12 high.

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