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(H4) Trend Needle Points South

  • RES 4: 135.88 High Feb 2
  • RES 3: 134.60 High Feb 7
  • RES 2: 133.75 50-day EMA
  • RES 1: 133.22 20-day EMA
  • PRICE: 132.16 @ 05:27 GMT Feb 29
  • SUP 1: 131.62 Low Feb 29
  • SUP 2: 131.49 61.8% retracement of the Oct 4 - Dec 27 bull phase
  • SUP 3: 130.47 Low Nov 24
  • SUP 4: 129.76 76.4% retracement of the Oct 4 - Dec 27 bull phase

The trend condition in Bund futures is unchanged and the direction remains down. Recent gains have proved to be a correction. Furthermore, moving average studies remain in a bear-mode set-up, highlighting a downtrend. Yesterday’s fresh cycle low confirms a resumption of the downtrend with sights on 131.49 next, the 61.8% retracement of the Oct 4 - Dec 27 bull phase. Initial resistance is at 133.22, the 20-day EMA.

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