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(Z3) Resumes The Long-Term Downtrend

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: 130.81/131.49 20-day EMA / High Sep 14
  • PRICE: 129.40@ 05:15 BST Sep 20
  • SUP 1: 129.30 1.00 proj of the Jul 19 - Aug 4 - Aug 8 price swing
  • SUP 2: 129.00 Round number support
  • SUP 3: 128.45 1.236 proj of the Jul 19 - Aug 4 - Aug 8 price swing
  • SUP 4: 127.92 1.382 proj of the Jul 19 - Aug 4 - Aug 8 price swing

Bund futures have continued to trend down. The contract has breached support at 129.72, the Aug 14 low and a key bear trigger. The break reinforces a bearish theme and confirms a resumption of the primary downtrend. The focus is on 129.30, a Fibonacci projection. On the upside, key short-term resistance has been defined at 131.49, the Sep 14 high. A break would be a bullish development.

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