(H4) Downtrend Remains Intact

• 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: 135.02 High Jan 26
• PRICE: 134.52 @ 04:49 GMT Jan 29
• SUP 1: 133.55 Low Jan 25
• 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 remain in a downtrend and short-term gains are considered corrective. The recent move lower has strengthened the current bear trend and maintains the price sequence of lower lows and lower highs. Key support at the Dec 8 low of 134.37, has recently been cleared and this opens 133.42, the Dec 4 low. Initial resistance is at 135.02, the Jan 26 high and just above the 20-day EMA. A clear break of 135.02 would ease bearish pressure.