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(H1) Key Support Breached

BUND TECHS
  • RES 4: 178.12 High Jan 27 and the bull trigger
  • RES 3: 177.66 High Jan 29
  • RES 2: 177.30 20-day EMA
  • RES 1: 176.70 High Feb 3
  • PRICE: 176.39 @ 05:00 GMT Feb 5
  • SUP 1: 176.09 1.00 proj of Jan 4 - 12 sell-off from Jan 27 high
  • SUP 2: 175.84 Low Nov 11 and a key support
  • SUP 3: 175.61 1.236 proj of Jan 4 - 12 sell-off from Jan 27 high
  • SUP 4: 175.31 1.382 proj of Jan 4 - 12 sell-off from Jan 27 high

Bund futures remain weak. The contract Tuesday traded through support at 176.89, Jan 29 low and a short-term trendline support at 176.88, drawn off the Jan 12 low. Yesterday saw price trade below the key support at 176.34, Jan 12 low. The break lower strengthens a bearish case and further weakness is likely. The focus is on 175.84 next, Nov 11 low. Initial resistance is seen at 176.70.

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