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(H4) Bearish Extension

BUND TECHS
  • RES 4: 139.39 3.764 proj of the Nov of the 13 - 17 - 24 price swing
  • RES 3: 137.96/138.84 High Jan 4 / High Dec 27 and the bull trigger
  • RES 2: 136.16 High Jan 5 / 8
  • RES 1: 135.49 20-day EMA
  • PRICE: 133.79 @ 05:26 GMT Jan 19
  • SUP 1: 133.72 Intraday low
  • SUP 2: 133.42 Low Dec 4
  • SUP 3: 132.89 50.0% retracement of the Oct 4 - Dec 27 bull phase
  • SUP 4: 132.29 Low Nov 30

Bund futures traded lower yesterday and the contract remains at this week’s lows. The move down strengthens the current bear trend and reinforces the short-term importance of the recent break below the 20-day EMA. Key support at the Dec 8 low of 134.37, has been breached and this opens 133.42, the Dec 4 low. Initial resistance is at 135.49, the 20-day EMA. A clear break of the average is required to ease bearish pressure.

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