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(H2) Outlook Stabilising

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: 165.86 @ 16:22 GMT Feb 17
  • 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 and built further through the Thursday session. This rally is deemed corrective, however, with the broader outlook bearish for now. Downside pressure so far this month has reinforced current trend conditions, with moving averages in a bear mode set-up too. The focus is on the 164.00 handle next. 166.46 is initial resistance, the Feb 11 high.

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