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(M3) Bearish Threat Remains Present

BUND TECHS
  • RES 4: 137.29 High May 11
  • RES 3: 136.38 High May 16
  • RES 2: 135.44 High May 18
  • RES 1: 134.84 20-day EMA
  • PRICE: 133.07 @ 05:10 BST May 26
  • SUP 1: 132.95 Low May 25
  • SUP 2: 132.71 76.4%retracement of the Mar 2 - 20 rally
  • SUP 3: 132.37 Low Mar 10
  • SUP 4: 131.07 Low Mar 9

Bund futures remain in a bear mode condition and the contract traded lower Thursday. Price has pierced key support at 133.10, the Apr 19 low. A clear break of this level would strengthen bearish conditions. This would open 132.71, a Fibonacci retracement ahead of 132.37, the Mar 10 low. On the upside, initial firm resistance is at 134.84, the 20-day EMA. A breach of this average is required to ease bearish pressure.

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