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(M1) Holding Onto Recent Gains

BUND TECHS
  • RES 4: 172.83 Low May 5
  • RES 3: 175.51 High Feb 16
  • RES 2: 172.20 High Mar 11 and the bull trigger
  • RES 1: 171.80 High Mar 17 / 22
  • PRICE: 171.61 @ 04:50 GMT Mar 23
  • SUP 1: 170.52 Low Mar 18
  • SUP 2: 170.37 61.8% retracement of the Feb 25 - Mar 11 rally
  • SUP 3: 169.94 76.4% retracement of the Feb 25 - Mar 11 rally
  • SUP 4: 169.24 Low Feb 25 and the bear trigger

Bund futures are firmer following the recovery from 170.52, Mar 18 low. The contract last week however breached support at 170.72, Mar 5 low signalling scope for a deeper retracement. Attention remains on 170.37 and 169.94, two Fibonacci retracements. A breach of the latter would open key support at 169.24, Feb 25 low and the bear trigger. Following recent gains though, 172.20, Mar 11 high also remains exposed. A break would signal a reversal.

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