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(H2) Bearish, Despite Bounce Into Close

BUND TECHS
  • RES 4: 169.61 50-day EMA
  • RES 3: 167.56 20-day EMA
  • RES 2: 167.00 High Feb 4
  • RES 1: 166.46 Feb 11 high
  • PRICE: 165.26 @ 16:31 GMT Feb 16
  • SUP 1: 164.34 Low Feb 16 and the bear trigger
  • SUP 2: 164.00 Round number support
  • SUP 3: 163.63 Low Mar, 2019 (cont)
  • SUP 4: 162.60 76.4% retrace of the Oct ‘18 - Sep ‘19 bull cycle (cont)

Bund futures recovered off the day’s lows ahead of the Wednesday close, but the broader outlook remains bearish for now. Downside pressure so far this month has reinforced current trend conditions and maintained the bearish price sequence of lower lows and lower highs. Moving average conditions are in a bear mode set-up too, highlighting current sentiment. The focus is on the 164.00 handle next. 166.46 is initial resistance, the Feb 11 high.

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