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(H1) Corrective Bounce

BUND TECHS
  • RES 4: 17688 50-day EMA
  • RES 3: 176.64 High Feb 11
  • RES 2: 175.70 High Feb 15
  • RES 1: 175.45 High Dec 16
  • PRICE: 174.10 @ 05:06 GMT Feb 18
  • SUP 1: 174.37 Low Dec 2, 2020 (cont)
  • SUP 2: 174.06 2.00 proj of Jan 4 - 12 sell-off from Jan 27 high
  • SUP 3: 173.58 2.236 proj of Jan 4 - 12 sell-off from Jan 27 high
  • SUP 4: 173.06 Low Sep 10, 2020 (cont)

Bund futures found support yesterday. The bounce is likely a correction though with a bearish cycle dominating. Monday's sell-off resulted in price trading through 175.61, Feb 8 low. This confirmed a resumption of the downtrend that started mid-December. Momentum and MA studies remain in a bear mode, reinforcing current conditions. Attention is on 174.37 next, Dec 2, 2020 low (cont). Initial resistance is at Wednesday's high of 175.45.

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