(H2) Trend Needle Still Points South

• RES 4: 170.42 High Jan 27
• RES 3: 168.90 50-day EMA
• RES 2: 168.42 38.2% retracement of the Dec 8 - Feb 16 downleg
• RES 1: 167.37 Trendline resistance drawn from the Dec 20 high
• PRICE: 165.73 @ 05:14 GMT Feb 23
• 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 failed to hold onto yesterday’s highs but have remained above the recent 164.34 low on Feb 16. Short-term gains are still deemed corrective with the broader trend signals pointing south. A sequence of lower lows and lower highs and bearish moving average conditions clearly highlight a dominant downtrend. The focus is on the 164.00 handle next. The 20-day EMA has been probed. The next resistance is at 167.37, a trendline.