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(M3) Bull Cycle Extends

BUND TECHS
  • RES 4: 137.55 61.8% retracement of the Mar 20 - Apr 19 bear leg
  • RES 3: 136.88 High Apr 11
  • RES 2: 136.70 50.0% retracement of the Mar 20 - Apr 19 bear leg
  • RES 1: 136.37 High May 2
  • PRICE: 136.13 @ 05:15 BST May 3
  • SUP 1: 134.98 20-day EMA
  • SUP 2: 133.64/133.10 Low Apr 28 / 19 and the bear trigger
  • SUP 3: 132.70 76.4% retracement of the Mar 2 - 20 rally
  • SUP 4: 132.37 Low Mar 10

Bund futures rallied Tuesday and cleared short-term resistance at 135.74, the Apr 26 high. The break higher reinforces short-term bullish conditions and signals scope for an extension. The focus is on 136.70, a Fibonacci retracement. On the downside, key short-term support has been defined at the Apr 19 low of 133.10. This is the bear trigger and a break would reinstate the recent bearish theme. Initial support is at 134.98, the 20-day EMA.

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