(Z9) Heading South *RES 4: 174.78 High...>

BUND TECHS: (Z9) Heading South

*RES 4: 174.78 High Oct 3

*RES 3: 174.14 High Oct 10

*RES 2: 173.31 Low Oct 1 and former breakout point

*RES 1: 173.15 High Oct 11

*PRICE: 172.63 @ 02:50 GMT Oct 15

*SUP 1: 172.08 Low Oct 11

*SUP 2: 171.46 2.000 projection of Sep 25 - Oct 1 decline from Oct 3 high

*SUP 3: 171.00 Round number support

*SUP 4: 170.43 2.618 projection of Sep 25 - Oct 1 decline from Oct 3 high

Z9 Bund is consolidating. A bearish outlook remains in place following last

weeks sell-off and probe of support at 172.18, Sep 13 low. The print below this

level confirms a resumption of the bearish trend that started on Sep 3. With

momentum studies also pointing south, the focus is on 171.46, a Fibonacci

projection and 171.00. Initial resistance is at 173.15 and 173.31. A move above

the latter is required to ease the bearish threat.