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(M3) Bearish Threat Still Present

BUND TECHS
  • RES 4: 138.09 High Apr 6
  • RES 3: 137.55 61.8% retracement of the Mar 20 - Apr 19 bear leg
  • RES 2: 137.29 High May 11
  • RES 1: 135.32/136.38 20-day EMA / High May 16
  • PRICE: 134.40 @ 05:20 BST May 22
  • SUP 1: 133.50 Low May 19
  • SUP 2: 133.10 Low Apr 19 and the bear trigger
  • SUP 3: 132.71 76.4%retracement of the Mar 2 - 20 rally
  • SUP 4: 132.37 Low Mar 10

Bund futures maintain a bearish theme following last week’s move lower. Support at 134.99, the May 10 low, was breached and this strengthened the bearish theme, paving the way for a continuation near-term. The focus is on key support at 133.10, the Apr 19 low. On the upside, key short-term resistance has been defined at 137.29, the May 11 high. Initial resistance is 135.32, the 20-day EMA.

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