Bund future bias higher for 149.15 and 149.28, maybe 149.70
· A notable setback again through midweek to surrender support at 148.86/80 to see a small top and switch to a range environment this week.
· However, whilst above a better foundation at 147.95, a shift to a more bearish theme is avoided and we see bias for a constructive tone into Thursday/ Frida and bounce higher within the range, defined as 147.95 to 149.70.
· We see risk near term to 149.15 and 149.28 targets and still favour bullish extension pressures into mid-September.
WHAT CHANGES THIS?
· Upside: Above 149.70 aims higher for 149.91 and 150.13.
· Downside: Below 147.95 sees risk lower for 147.38 and 147.20.
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2 Hour Bund December Future Chart