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(M3) Bull Cycle Remains In Play

  • RES 4: 138.09 High Apr 6
  • RES 3: 137.29 High May 11 and a key resistance
  • RES 2: 136.75 High May 12
  • RES 1: 136.59 High Jun 1
  • PRICE: 135.27 @ 05:13 BST Jun 5
  • SUP 1: 135.08/134.15 50-day EMA / Low May 30
  • SUP 2: 132.83 Low May 26 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 remain in an uptrend and the latest pullback appears to be a correction. Price has traded above the 20- and 50-day EMAs and this strengthens the current bull cycle. A continuation higher would open 136.75, the May 16 high ahead of a key resistance at 137.29, the May 11 high. On the downside, initial firm support lies at 134.15, the May 30 low. A break is required to signal bearish reversal.

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