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(H4) Bearish Threat Resumes

BUND TECHS
  • RES 4: 136.29 High Feb 1 and the bull trigger
  • RES 3: 135.88 High Feb 2
  • RES 2: 134.60 High Feb 7
  • RES 1: 134.21 20-day EMA
  • PRICE: 132.37 @ 08:07 GMT Feb 23
  • SUP 1: 131.73 1.0% 10-dma envelope
  • SUP 2: 131.49 61.8% retracement of the Oct 4 - Dec 27 bull phase
  • SUP 3: 131.45 Low Nov 28
  • SUP 4: 130.47 Low Nov 24

Bund futures remain in a bear mode condition, although downward momentum faltered through the European close on Thursday. Solid French PMI data added extra weight Thursday, putting prices through both the mid-February lows as well as the late November lows to affirm the negative background bias. The focus is on 131.49 next, the 61.8% retracement of the Oct 4 - Dec 27 bull phase. Clearance here sees further losses through the Nov’23 rally. For bulls, clearance of 136.29, the Feb 1 high, is required to signal a reversal.

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