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(M2) Remains Below Its Recent Highs

BUND TECHS
  • RES 4: 157.87 High Apr 7
  • RES 3: 157.29 High Apr 8
  • RES 2: 155.69/89/156.00 50-day EMA / High Apr 28
  • RES 1: 155.33 High May 12
  • PRICE: 152.35 @ Close of May 31
  • SUP 1: 151.89/150.49 Low May 18 / Low May 9
  • SUP 2: 150.15 0.764 proj of the Mar 7 - 29 - Apr 4 price swing
  • SUP 3: 150.00 Psychological round number
  • SUP 4: 149.49 Low Jul 13 2015 (cont)

Bund futures traded lower Monday, but the contract maintains a broadly sideways direction. The primary trend direction is down though. Fresh cycle lows in April and May have maintained the price sequence of lower lows and lower highs - the definition of a downtrend. Moving average studies are in a bear mode condition. A resumption of weakness would refocus attention on 150.49, the bear trigger. Firm trend resistance is unchanged at 156.00.

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