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(M2) Trend Conditions Remain Bearish

BUND TECHS
  • RES 4: 158.24 50-day EMA
  • RES 3: 157.87 High Apr 7
  • RES 2: 156.00 High Apr 28 and a key short-term resistance
  • RES 1: 155.17 20-day EMA
  • PRICE: 153.43 @ 04:51 BST May 5
  • SUP 1: 152.44 Low May 4
  • SUP 2: 151.99 0.618 proj of the Mar 7 - 29 - Apr 4 price swing
  • SUP 3: 150.15 0.764 proj of the Mar 7 - 29 - Apr 4 price swing
  • SUP 4: 150.00 Psychological round number

Trend signals in Bund futures continue to point south and short-term gains are considered corrective. The contract traded to a fresh cycle low yesterday of 152.44. The move lower confirms an extension of the bearish price sequence of lower lows and lower highs and moving average studies remain in bear mode. Attention is on 151.99 next, a Fibonacci projection. Firm resistance has been defined at 156.00, the Apr 28 high.

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