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- RES 4: 175.98 50-day EMA
- RES 3: 175.70 High Feb 15
- RES 2: 175.26 High Feb 18
- RES 1: 174.97 High Mar 3
- PRICE: 173.91 @ 05:07 GMT Mar 4
- SUP 1: 173.52 50.0% retracement of the Feb 25 - Mar 3 rally
- SUP 2: 172.76 76.4% retracement of the Feb 25 - Mar 3 rally
- SUP 3: 172.08 Low Feb 25 and the bear trigger
- SUP 4: 171.82 61.8% retracement of the Mar - Dec 2020 rally (cont)
Bund futures reversed direction yesterday stalling at the area of resistance highlighted by the 20-day EMA. In pattern terms, yesterday candle formation is a bearish engulfing reversal. This suggests a resumption of the downtrend and if correct, signals scope for a retest of last week's low of 172.08 on Feb 25. Key short-term resistance has been defined at 174.97, yesterday's high. A break would instead signal scope for a stronger recovery.