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(H2) Path Of Least Resistance Remains Down

  • RES 4: 171.07 High Jan 24 and key short-term resistance
  • RES 3: 170.58 50-day EMA
  • RES 2: 169.08 20-day EMA
  • RES 1: 167.00/168.81 High Feb 4 / High Feb 3
  • PRICE: 166.20 @ 05:09 GMT Feb 5
  • SUP 1: 165.38 Low Feb 7
  • SUP 2: 165.24 Low May 7, 2019 (cont)
  • SUP 3: 164.82 Low May 3, 2019 (cont)
  • SUP 4: 164.33 Low Apr 18, 2019 (cont)

Bund futures remain in a clear downtrend and traded lower again yesterday. Futures cleared the 168.00 handle last week, reinforcing bearish conditions and maintaining a bearish price sequence of lower lows and lower highs. Moving average conditions are in a bear mode too highlighting current sentiment. Scope is seen for a move towards 165.24 next, May 7 2019 low on the continuation chart. Friday’s high of 167.00 marks initial resistance.

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