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(H2) Above Trendline Resistance Once Again

BUND TECHS
  • RES 4: 170.42 High Jan 27
  • RES 3: 169.68 50.0% retracement of the Dec 8 - Feb 16 downleg
  • RES 2: 168.50 50-day EMA
  • RES 1: 168.01 High Feb 24
  • PRICE: 167.22 @ 05:03 GMT Feb 28
  • SUP 1: 165.87/16 Low Feb 25 / Low Feb 22
  • SUP 2: 164.34 Low Feb 16 and the bear trigger
  • SUP 3: 164.00 Round number support
  • SUP 4: 163.63 Low Mar, 2019 (cont)

Bund futures maintain a firmer short term tone and price is back above its trendline resistance at 166.86. The trendline is drawn from the Dec 20 high. Despite a pullback from last week’s high, price action signals scope for a stronger short-term correction that has opened the 50-day EMA at 168.50. This EMA represents a key resistance area. Initial firm support to watch is at 165.16, the Feb 22 low.

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