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(H1) Gains Considered Corrective

BUND TECHS
  • RES 4: 178.12 High Jan 27 and the bull trigger
  • RES 3: 177.66 High Jan 29
  • RES 2: 176.86 20-day EMA
  • RES 1: 176.64 High Feb 11
  • PRICE: 176.33 @ 05:08 GMT Feb 12
  • SUP 1: 175.92 Low Feb 9
  • SUP 2: 176.61 Low Feb 8 and 1.236 proj of Jan 4 - 12 - 27 swing
  • SUP 3: 175.31 1.382 proj of Jan 4 - 12 sell-off from Jan 27 high
  • SUP 4: 175.07 1.50 proj of Jan 4 - 12 sell-off from Jan 27 high

This week's climb in Bund futures is considered a correction. A bearish theme remains intact with the focus on 175.61, Feb 8 low. Recent weakness has seen price trade through 176.89, Jan 29 low, a S/T trendline drawn off the Jan 12 low and 176.34, the Jan 12 low. Furthermore, the sell-off on Feb 5 resulted in a breach of 175.84, Nov 11 low. A resumption of weakness would open 175.31, a Fibonacci projection. Initial resistance is seen at 176.64.

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