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(M1) Corrective Bounce

BUND TECHS
  • RES 4: 171.62 High Apr 14
  • RES 3: 171.27 High Apr 22
  • RES 2: 170.98 High May 7 and key short-term resistance
  • RES 1: 170.13 20-day EMA
  • PRICE: 169.19 @ 04:56 BST May 17
  • SUP 1: 168.59 Low May 13
  • SUP 2: 168.52 Low Mar 20, 2020 (cont)
  • SUP 3: 168.19 1.0% 10-dma envelope
  • SUP 4: 168.09 0.764 proj of the Jan 27 - Feb 25 - Mar 25 price swing

Bund futures maintain a weaker tone and recent gains are considered corrective. Last week's sell-off resulted in a breach of support at 169.47, May 3 low as well as 169.24, Feb 24 low, opening further losses below 169.00. A volatility band support lies at 168.19 going with scope too for 168.09, a Fibonacci projection. A key short-term resistance has been defined at 170.98, Apr 7 high.

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