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BUND TECHS: (Z9) Double top reversal
*RES 4: 177.00 Round number resistance
*RES 3: 176.86 Contract high, Sep 3
*RES 2: 176.17 High Sep 4
*RES 1: 175.76 High Sep 5
*PRICE: 174.39 @ 02:51 GMT Sep 6
*SUP 1: 174.14 Low Sep 5
*SUP 2: 173.72/68 38.2% of the rally between Jul 12 - Sep 3 / Low Aug 8
*SUP 3: 173.35 50-day MA and low Aug 5
*SUP 4: 172.76 50.0% of the rally between Jul 12 - Sep 3 / Low Aug 8
Z9 Bund faced strong selling pressure yesterday in a move that highlights a
trend reversal. A double top was confirmed on the break of the midpoint &
support at 174.68, the low of Aug 23. This clearly signals a change in sentiment
& highlights the potential for a deeper correction. The pattern's price
objective is 172.50. Ahead of that lies 173.70, 38.2% of the climb between Jul
12 & Sep 3. Initial resistance is at 175.76. Expect the Bund to weaken further.