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(H2) Approaching The Bull Trigger

BUNDS
  • RES 4: 176.00 Round number resistance
  • RES 3: 175.57 1.618 proj of the Nov 11 - 22 - 24 price swing
  • RES 2: 175.29 1.50 proj of the Nov 11 - 22 - 24 price swing
  • RES 1: 175.02 High Dec 8 and the bull trigger
  • PRICE: 174.75 @ 05:15 GMT Dec 20
  • SUP 1: 173.85/40 20-day EMA / Low Dec 8
  • SUP 2: 172.70 Low Nov 26
  • SUP 3: 171.77 Low Nov 24 and key near-term support
  • SUP 4: 170.72 Low Nov 4

Bund futures are firmer this morning. The sharp move lower on Thursday failed to clear support 173.40, the Dec 8 low. The print below the 20-day EMA however is potentially an early bearish signal and a break of 173.40 would reinforce this threat. A move lower would open 172.70, initially, the Nov 26 low. On the upside, the bull trigger is unchanged at 175.02, Dec 8 high. A break would confirm a resumption of the uptrend.

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