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(M2) Bear Flag

BUND TECHS
  • RES 4: 165.29 High Mar 9
  • RES 3: 164.43 High Mar 10
  • RES 2: 163.23 20-day EMA
  • RES 1: 162.73 High Mar 14
  • PRICE: 161.13 @ 05:10 GMT Mar 21
  • SUP 1: 160.56 Low Mar 16
  • SUP 2: 160.00 Psychological round number
  • SUP 3: 159.81 123.6% retracement of the Feb 10 - Mar 7 rally
  • SUP 4: 159.19 Low Nov 8 2018 (cont)

Current Bund futures consolidation appears to be a bear flag, reinforcing current bearish conditions. The contract last week breached support at 161.50, Feb 10 low. This has strengthened the bearish theme and importantly, confirmed a resumption of the downtrend and the bearish price sequence of lower lows and lower highs. 161.00 has also been cleared, opening the psychological 160.00 handle. Initial resistance is at 162.73.

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