(M3) Bear Threat Remains Present

• RES 4: 140.30 High Mar 20 and the bull trigger
• RES 3: 140.00 Round number resistance
• RES 2: 137.85/139.54 High Mar 27 / 24
• RES 1: 136.77 High Mar 30
• PRICE: 136.37 @ 05:05 BST Apr 4
• SUP 1: 134.70 Low Mar 31 and the bear trigger
• SUP 2: 134.15 61.8% retracement of the Mar 2 - 20 rally
• SUP 3: 133.33 Low Mar 15
• SUP 4: 132.70 76.4% retracement of the Mar 2 - 20 rally

Bund futures traded higher Monday, however, the contract maintains a softer tone following last week’s move lower. Price has traded below the 20-day EMA which intersects at 135.66. It represents an important pivot level and the break strengthens a bearish threat. 134.80, the Mar 22 low, has been tested. A breach of this level would open 134.15, a Fibonacci retracement. Initial resistance is at 136.77, the Mar 30 high.