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(Z3) Resistance Remains Intact

BUND TECHS
  • RES 4: 131.33 76.4% retracement of the Sep 1 - Oct 4 downleg
  • RES 3: 130.43 61.8% retracement of the Sep 1 - Oct 4 downleg
  • RES 2: 130.20 High Oct 12 and a bull trigger
  • RES 1: 129.39/47 50-day EMA / High Oct 31
  • PRICE: 128.55 @ 05:14 GMT Nov a
  • SUP 1: 127.18 Low Oct 23
  • 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 continue to trade closer to their recent highs. A bear cycle remains intact and recent gains are considered corrective. Firm support to watch is 127.18, the Oct 23 low. A break would be a bearish development and expose the bear trigger at 126.62. On the upside, resistance is at 129.39, the 50-day EMA. It has been tested, a breach of it would instead signal scope for a stronger recovery.

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