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(Z3) Watching Resistance

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: 130.22 50-dma
  • PRICE: 129.42 @ 05:03 BST Oct 16
  • SUP 1: 128.61 Oct 10 low
  • SUP 2: 127.93 Low Oct 9
  • SUP 3: 127.31 Low Oct 6
  • SUP 4: 126.62 Low Oct 4 and the bear trigger

Bund futures remain in a short-term uptrend and are trading closer to its recent highs. Attention is on resistance at the 50-dma of 130.22. Clearance of this level would strengthen bullish conditions and pave the way for a climb towards 131.30, a Fibonacci retracement point. Initial support to watch lies at 128.61, the Oct 10 low. A break would signal a potential top. Note that recent gains are considered corrective.

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