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(M1) Bearish Focus

BUND TECHS
  • RES 4: 171.62 High Apr 14
  • RES 3: 171.30 50-day EMA
  • RES 2: 171.27 High Apr 22
  • RES 1: 170.98 High Apr 7
  • PRICE: 170.15 @ 04:58 BST May 10
  • SUP 1: 169.89 Low Apr 4
  • SUP 2: 169.47/24 Low Apr 3 / Low Feb 24 and major support
  • SUP 3: 168.96 0.618 proj of the Jan 27 - Feb 25 - Mar 25 price swing
  • SUP 4: 168.52 Low Mar 20, 2020 (cont)

Bund futures failed to hold onto session highs Friday. Despite last week's gains, a downtrend remains intact and the bearish phase that started Mar 25 has opened the key support at 169.24, Feb 25 low. Clearance of this level would confirm a resumption of the downtrend and expose 169.00 and below. Initial resistance is seen at 170.98, Apr 7 high. The area around the 50-day EMA at 171.30 represents a key resistance.

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