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(H2) Downtrend Accelerates

  • RES 4: 171.07 High Jan 24 and key short-term resistance
  • RES 3: 170.98 50-day EMA
  • RES 2: 169.81 20-day EMA
  • RES 1: 168.81 High Feb 3
  • PRICE: 166.56 @ 05:06 GMT Feb 4
  • SUP 1: 166.33 Low May 21, 2019 (cont)
  • SUP 2: 165.86 61.8% retracement of the May ‘18 - Sep ‘19 bull cycle
  • SUP 3: 165.24 Low May 7, 2019 (cont)
  • SUP 4: 164.82 Low May 3, 2019

Bund futures traded sharply lower yesterday and remain weak. Futures have cleared the 168.00 handle, reinforcing underlying bearish conditions and maintaining the clear bearish price sequence of lower lows and lower highs. Moving average conditions remain in a bear mode highlighting current sentiment. Scope is seen for a move towards 166.33 next, May 21 2019 low on the continuation chart. Yesterday’s high of 168.81 marks initial resistance.

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