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(M1) Bearish Price Structure

BUND TECHS
  • RES 4: 172.12 High Apr 8 and key near-term resistance
  • RES 3: 171.62 High Apr 14
  • RES 2: 171.27 High Apr 22 and key short-term resistance
  • RES 1: 170.67 High Apr 28
  • PRICE: 170.04 @ 05:10 BST May 3
  • SUP 1: 169.66 Low Apr 29
  • SUP 2: 169.24 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: 168.09 0.764 proj of the Jan 27 - Feb 25 - Mar 25 price swing

Bund futures are trading closer to recent lows. The outlook remains bearish following last week's move through 170.05, 76.4% of the Feb 25 - Mar 25 upleg. The break strengthens a bearish case and opens the key support handle at 169.24, Feb 25 low. A break of this level would confirm a resumption of the underlying downtrend. On the upside, resistance is seen at 170.67, APr 28 high. Key resistance has been defined at 171.27, Apr 22 high.

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