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(M1) 50-Day EMA As Resistance Remains Intact

BUND TECHS
  • RES 4: 171.27 High Apr 22
  • RES 3: 170.98 High May 7 and key short-term resistance
  • RES 2: 170.46 50-day EMA
  • RES 1: 170.40 High May 26
  • PRICE: 169.89 @ 05:19 BST May 31
  • SUP 1: 169.02 Low May 24
  • SUP 2: 168.29 Low May 19 and the bear trigger
  • SUP 3: 168.09 0.764 proj of the Jan 27 - Feb 25 - Mar 25 price swing
  • SUP 4: 167.52 Low Mar 19, 2020 (cont)

Recent gains in Bund futures have stalled just ahead of a key resistance highlighted by the 50-day EMA. The moving average intersects at 170.44. The recent recovery is still considered a correction. Further weakness would signal scope for a move towards 169.02, May 24 low and open the key support and bear trigger at 168.29, May 19 low. For bulls, a clear break of the 50-day EMA is required to strengthen a bullish case.

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