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(Z3) Short-Term Outlook Remains Bullish

BUND TECHS
  • RES 4: 131.82 High Sep 2
  • RES 3: 131.49 High Sep 14
  • RES 2: 131.33 76.4% retracement of the Sep 1 - Oct 4 downleg
  • RES 1: 130.93 High Nov 9
  • PRICE: 129.90 @ 05:29 GMT Nov 10
  • SUP 1: 129.46 20-day EMA
  • SUP 2: 128.31/127.18 Low Oct 27 / 23
  • SUP 3: 126.62 Low Oct 4 and the bear trigger
  • SUP 4: 126.00 Round number support

Bund futures have pulled back from their recent highs but - for now - maintain a firmer short-term tone. The recent breach of a key resistance at 130.20, the Oct 12 high and a bull trigger, strengthens current bullish conditions and maintains a positive price sequence of higher highs and higher lows. Sights are on 131.33, 76.4% of the Sep 1 - Oct 4 downleg. Firm support to watch is 129.35, the Nov 7 low. A breach would highlight a possible reversal.

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