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(M3) Bearish Outlook

BUND TECHS
  • RES 4: 140.30 High Mar 20 and the bull trigger
  • RES 3: 139.54 High Mar 24
  • RES 2: 136.88/138.09 High Apr 11 / 6 and key near-term resistance
  • RES 1: 135.70 20-day EMA
  • PRICE: 134.38 @ 05:12 BST Apr 17
  • SUP 1: 134.15 61.8% retracement of the Mar 2 - 20 rally
  • SUP 2: 133.33 Low Mar 15
  • SUP 3: 132.70 76.4% retracement of the Mar 2 - 20 rally
  • SUP 4: 132.37 Low Mar 10

Bund futures ended last week’s session on a softer note and price is trading at its recent lows. The contract is through the 20-day EMA, at 135.70, and has breached key short-term support at 134.70, the Mar 31 low. The break of this level has opened 134.15, a Fibonacci retracement. For bulls, a move above 138.09, the Apr 6 high, is required to reinstate the recent bullish theme. Initial resistance is seen at 135.70.

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