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(H3) Downtrend Intact

BUND TECHS
  • RES 4: 135.30 High Feb 24 and a key resistance
  • RES 3: 134.55 20-day EMA
  • RES 2: 133.61 High Feb 28
  • RES 1: 132.99 High Mar 1
  • PRICE: 131.68 @ 05:04 GMT Mar 3
  • SUP 1: 131.31 Low Mar 2
  • SUP 2: 131.16 2.00 proj of the Jan 19 - Jan 30 - Feb 2 price swing
  • SUP 3: 131.00 Round number resistance
  • SUP 4: 130.13 2.236 proj of the Jan 19 - Jan 30 - Feb 2 price swing

Bund futures remain in a downtrend and the contract traded lower Thursday. This week’s move down has resulted in a break of the 132.60 key support, the Jan 2 low. The clear breach confirms a resumption of the broader downtrend and note that the 132.00 handle has also been cleared. The focus is on 131.16, a Fibonacci projection. Initial firm resistance to watch is at 134.55, the 20-day EMA. Short-term gains would be considered corrective.

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