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(M1) Takes Out Key Support

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: 168.93 @ 16:51 BST May 12
  • SUP 1: 168.91 Low May 12
  • SUP 2: 168.52 Low Mar 20, 2020 (cont)
  • SUP 3: 168.39 1.0% 10-dma envelope
  • SUP 4: 168.09 0.764 proj of the Jan 27 - Feb 25 - Mar 25 price swing

Bund futures fell further post-US CPI data, hitting new 2021 lows and further cementing the resumption of bearish activity. This 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. Vol band support undercuts at 168.39 going forward, but the outlook is bleak. A key short-term resistance has been defined at 170.98, Apr 7 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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