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(H1) Oversold Conditions Unwinds

  • RES 4: 175.70 High Feb 15
  • RES 3: 175.26 High Feb 18
  • RES 2: 175.07 20-day EMA
  • RES 1: 174.847 Intraday high
  • PRICE: 174.76 @ 04:58 GMT Mar 2
  • SUP 1: 173.77 Low Mar 1
  • SUP 2: 173.07 Intraday hourly low during the Feb 26 session
  • 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 ended last week on a volatile note and started this week on a firmer note. Despite the strong rebound off Thursday's low of 172.08, trend conditions remain bearish and the recovery is considered a correction with recent oversold trend conditions unwinding. The focus is on the 20-day EMA at 175.07. A break of this average would signal scope for a stronger move higher. Initial support is at 173.77, Monday's low.

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