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(H2) Holding Onto This Weeks Gains

BUND TECHS
  • RES 4: 172.50 76.4% retracement of Dec 8 - Feb 16 downleg
  • RES 3: 172.00 round number resistance
  • RES 2: 171.53 High Jan 3
  • RES 1: 170.94/171.12 61.8% of Dec 8 - Feb 16 downleg / High Mar 1
  • PRICE: 169.31 @ 10:43 GMT Mar 1
  • SUP 1: 168.51 50-day EMA
  • SUP 2: 167.31 Low Mar 1
  • SUP 3: 165.87/16 Low Feb 25 / Low Feb 22
  • SUP 4: 164.34 Low Feb 16 and the bear trigger

Bund futures traded sharply higher yesterday as the contract extends recent gains. Importantly, yesterday’s rally saw price trade above the 50-day EMA at 168.44. This average represented a key resistance area and the clear break signals scope for a continuation higher near-term. The focus is on 170.94 next, a Fibonacci retracement that was probed yesterday. A resumption of gains would open 172.00. Initial support is at 168.51, the 50-day EMA.

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