Free Trial

(Z9) Double top reversal *RES 4:.........>

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: 174.27 @ 02:47 GMT Sep 10
*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: 173.68/46 Low Aug 5 / 50-day MA
*SUP 4: 172.76 50.0% of the rally between Jul 12 - Sep 3 / Low Aug 8
Z9 Bund negated Friday's bounce yesterday and price action remains below
resistance at 175.76, Thursday's high. Last weeks key technical development was
the confirmation of a double top following the break of 174.68, Aug 23 low and
confirms a shift in sentiment. Scope exists for a deeper correction with the
patterns price objective at 172.50. For this scenario to hold, prices need to
remain below 175.76. A break would expose the176.86 contract high.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.