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(M1) Key Support Exposed

BUND TECHS
  • RES 4: 172.12 High Apr 8
  • RES 3: 171.62 High Apr 14
  • RES 2: 171.19/27 50-day EMA / High Apr 22
  • RES 1: 170.55/98 20-day EMA / High Apr 7
  • PRICE: 169.42 @ 05:09 BST May 12
  • 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

Bund futures failed to hold onto week's highs and the reversal lower confirms a resumption of bearish activity. Yesterday's sell-off resulted in a breach of support at 169.47, Apr 3 low leaving the key support at 169.24, Feb 24 kow exposed. Clearance of this latter level would confirm a resumption of the broader downtrend and open 169.00 and below. A key short-term resistance has been defined at 170.98, Apr 7 high.

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