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(M2) Corrective Cycle

BUND TECHS
  • RES 4: 159.26 50-day EMA
  • RES 3: 157.87 High Apr 7
  • RES 2: 156.21/37 20-day EMA / High Apr 14
  • RES 1: 155.83 High Apr 27
  • PRICE: 155.40 @ 04:55 BST Apr 28
  • SUP 1: 153.05/153.00 Low Apr 22 / Round number support
  • SUP 2: 152.65 Low Sep 1 2015 (cont)
  • SUP 3: 151.99 0.618 proj of the Mar 7 - 29 - Apr 4 price swing
  • SUP 4: 150.15 0.764 proj of the Mar 7 - 29 - Apr 4 price swing

Bunds futures are holding on to this week’s gains. The recent bounce is considered corrective though. A bearish theme dominates and fresh cycle lows recently, reinforce this theme. The move lower has also confirmed an extension of the bearish price sequence of lower lows and lower highs. Moving average studies are in a bear mode too. The focus is on 153.00 next ahead of 152.65, the Sep 1 2015 low (cont). Firm resistance is at 156.37.

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