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(M1) Bearish Pressure Resumes

BUND TECHS
  • RES 4: 171.62 High Apr 14
  • RES 3: 171.27 High Apr 22 and key short-term resistance
  • RES 2: 170.67 High Apr 28
  • RES 1: 170.20 Intraday high
  • PRICE: 169.57 @ 09:54 BST May 3
  • SUP 1: 169.24 Low Feb 24 and major support
  • SUP 2: 168.96 0.618 proj of the Jan 27 - Feb 25 - Mar 25 price swing
  • SUP 3: 168.52 Low Mar 20, 2020 (cont)
  • SUP 4: 168.09 0.764 proj of the Jan 27 - Feb 25 - Mar 25 price swing

Weakness in Bund futures has extended once again today and the contract has traded through last week's low of 169.66 on Apr 29. The outlook remains bearish with the recent break of 170.05, 76.4% of the Feb 25 - Mar 25 upleg, reinforcing a bearish theme. This has opened the key support handle at 169.24, Feb 25 low. A break would confirm a resumption of the underlying downtrend. Initial resistance is seen today's 170.20 intraday high.

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