(M3) Bear Threat Still 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: 136.45 @ 05:18 BST Apr 5
• 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

Despite recent gains, Bund futures maintain a softer tone following last week’s move lower. Price has traded below the 20-day EMA which intersects at 135.72. It represents an important pivot level and a clear break would strengthen a bearish threat. 134.80, the Mar 22 low, has also been tested. A breach of this level would open 134.15, a Fibonacci retracement. Initial resistance is at 136.77, the Mar 30 high.