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(H3) Fresh Pullback Low

  • RES 4: 142.59 0.764 proj of the Jan 2 - 19 - 30 price swing
  • RES 3: 141.70 High Dec 13
  • RES 2: 140.73 High Jan 19 and the bull trigger
  • RES 1: 137.71/139.86 50-day EMA / High Feb 2
  • PRICE: 134.89 @ Close Feb 17
  • SUP 1: 134.08 Lower 2.0% Bollinger Band
  • SUP 2: 133.67 Low Feb 17
  • SUP 3: 133.03 2.0% 10-dma envelope
  • SUP 4: 132.60 Low Jan 2

Bund futures printed a fresh low Friday, before recovering slightly into the close. 133.67 marks the new pullback low, and the intraday bounce into the close does little to improve the picture. The weakness initially gathered pace on the break below 135.08, the Jan 4 low, and opens 132.60 in the short-term. Moving average studies are in a bear-mode position, reinforcing current conditions. On the upside, resistance to watch is at 137.71, the 50-day EMA.

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