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(H1) Short-Term Trend Support Remains Intact

BUND TECHS
  • RES 4: 178.37 High Jan 4 and a key resistance
  • RES 3: 178.27 High Jan 5
  • RES 2: 178.12 High Jan 27 and the bull trigger
  • RES 1: 177.66 High Jan 29
  • PRICE: 177.14 @ 04:59 GMT Feb 2
  • SUP 1: 176.89/88 Low Jan 29 / Trendline drawn off the Jan 12 low
  • SUP 2: 176.63 Low Jan 22
  • SUP 3: 176.34 Low Jan 12 and the bear trigger
  • SUP 4: 175.84 Low Nov 11 and a key support

Bund futures are trading closer to the lower end of the recent range with initial support at 176.89, Jan 29 low. A short-term trendline support lies just below at 176.88, drawn off the Jan 12 low. A break of 176.89/88 is required to strengthen a bearish case. This would signal scope for weakness towards 176.63, Jan 22 low and the more important support at 176.34, Jan 12 low. Key resistance and the bull trigger has been defined at 178.12, Jan 27 high.

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