BUND TECHS: (Z6) Unwinding A Recent Oversold Condition

* RES 4: 123.89 High Aug 25 And key resistance * RES 3: 123.34 High Aug 27 * RES 2: 122.39 High Sep 4 * RES 1: 121.46 20-day EMA * PRICE: 121.33 @ 05:45 BST Sep 23 * SUP 1: 119.93 Low Sep 15 and the bear trigger * SUP 2: 119.83 2.618 proj of the Aug 13 - 20 - 25 price swing * SUP 3: 119.24 3.000 proj of the Aug 13 - 20 - 25 price swing * SUP 4: 118.87 3.236 proj of the Aug 13 - 20 - 25 price swing Bund futures are holding on to their recent gains. The latest recovery appears to be corrective. The trend structure is bearish and gains are allowing a recent oversold condition to unwind. Note that moving average studies on the continuation chart are in a bear-mode position, highlighting a dominant downtrend. A resumption of the bear leg would open 119.83, a Fibonacci projection. Resistance to watch is at 121.46, the 20-day EMA.