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(M3) Bearish Outlook

BUND TECHS
  • RES 4: 136.44/138.09 High Apr 12 / 6 and key near-term resistance
  • RES 3: 135.52 High Apr 13
  • RES 2: 134.81 20-day EMA
  • RES 1: 134.41 High Apr 18
  • PRICE: 133.67 @ 05:12 BST Apr 25
  • SUP 1: 133.10 Low Apr 19
  • SUP 2: 132.70 76.4% retracement of the Mar 2 - 20 rally
  • SUP 3: 132.37 Low Mar 10
  • SUP 4: 132.00 Round number support

Bund futures are consolidating but maintain a bearish tone. Recent weakness resulted in a break of the 20-day EMA, at 134.81, and a key short-term support at 134.70 has been cleared, Mar 31 low. The focus is on 132.70, a Fibonacci retracement. A move above 138.09, the Apr 6 high, is required to reinstate a stronger bullish theme. Initial firm resistance is seen at the 20-day EMA.

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