(Z9) Recovery likely a correction *RES...>

BUND TECHS: (Z9) Recovery likely a correction

*RES 4: 176.86 Contract high, Sep 3

*RES 3: 175.76 High Sep 5

*RES 2: 175.34 High Sep 6

*RES 1: 174.52 High Sep 10

*PRICE: 173.98 @ 02:44 GMT Sep 12

*SUP 1: 173.72/65 38.2% of the rally between Jul 12 - Sep 3 / Low Sep 11

*SUP 2: 173.51 Low Aug 5 / 50-day MA

*SUP 3: 172.76 50.0% of the rally between Jul 12 - Sep 3 / Low Aug 8

*SUP 4: 172.11 High Jul 25

Z9 Bund was firmer yesterday however for now, the bearish threat remains in

place. The recent sell-off follows the confirmation last week of a double top

reversal. This continues to weigh and momentum studies remain bearish too.

Prices have tested the 173.72, 38.2% retracement with the 50-day EMA at 173.51.

This latter level represents a key support. For now the evidence still points to

weakness with resistance at 175.34.