(M0) Bearish Risk Still Present *RES.....>

BUND TECHS: (M0) Bearish Risk Still Present

*RES 4: 174.81 61.8% retracement of the Mar 9 - 19 decline

*RES 3: 174.69 High May 4 and bull trigger

*RES 2: 174.23 High May 15

*RES 1: 173.52 High May 22

*PRICE: 173.02 @ 04:44 BST May 26

*SUP 1: 172.26 Low May 19

*SUP 2: 172.09 Low Apr 28

*SUP 3: 171.29 Low Apr 23 and the key bear trigger

*SUP 4: 171.11 50.0% retracement of the Mar 19 - May 4 high

Bund futures early last week cleared former support at 172.80, May 12 low. Price

also traded through the 50-day EMA reinforcing a bearish tone. However, price

has retraced some of the move. To reinstate a bullish tone though, a move above

174.23, May 15 high is required. Until then the risk is to the downside, a

continued move lower would open 172.09, Apr 28 low and 171.29, the Apr 23 low.

Key intraday support and the bear trigger is 172.26.