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(H1) Bear Trend Extends

BUND TECHS
  • RES 4: 176.64 High Feb 11
  • RES 3: 176.53 50-day EMA
  • RES 2: 175.70 High Feb 15
  • RES 1: 175.45 High Dec 16
  • PRICE: 173.57 @ 05:55 GMT Feb 23
  • SUP 1: 173.58 2.236 proj of Jan 4 - 12 sell-off from Jan 27 high
  • SUP 2: 173.42 1.0% 10-dma envelope
  • SUP 3: 173.06 Low Sep 10, 2020 (cont)
  • SUP 4: 172.83 Lower 3.0% Bollinger band

Despite moderating on Monday, Bund futures remain vulnerable with a bearish cycle dominating. The Feb 15 move lower resulted in price trading through 175.61, Feb 8 low. This confirmed a resumption of the downtrend that started mid-December. Momentum and moving average studies remain in a bear mode, reinforcing current conditions. Attention is on 173.58 next, 2.236 proj of Jan 4 - 12 sell-off from Jan 27 high. Initial resistance is at the Dec 16 high of 175.45.

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