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(M1) Gains Considered Corrective

BUND TECHS
  • RES 4: 171.27 High Apr 22
  • RES 3: 170.98 High May 7 and key short-term resistance
  • RES 2: 170.25 High May 11
  • RES 1: 169.62 20-day EMA
  • PRICE: 169.34 @ 05:03 BST May 25
  • SUP 1: 168.29 Low May 19
  • SUP 2: 168.09 0.764 proj of the Jan 27 - Feb 25 - Mar 25 price swing
  • SUP 3: 167.52 Low Mar 19, 2020 (cont)
  • SUP 4: 167.32 1.0% 10-dma envelope

Bund futures maintain a bearish tone following the recent breach of 168.59, May 13 low. This confirmed a resumption of the downtrend and reinforces current bearish conditions. The move lower opens 168.09, a Fibonacci projection and 167.32, the lower band of a volatility based indicator. On the upside, initial resistance is at 169.62, the 20-day EMA. A break of the average would ease bearish pressure. Gains are considered corrective.

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