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(M3) Bullish Outlook

BUND TECHS
  • RES 4: 140.30 High Mar 20 and key resistance
  • RES 3: 138.09 High Apr 6
  • RES 2: 137.55 61.8% retracement of the Mar 20 - Apr 19 bear leg
  • RES 1: 137.29 High May 11
  • PRICE: 136.00 @ 05:11 BST May 16
  • SUP 1: 135.63/134.99 20-day EMA / Low May 10
  • SUP 2: 134.35 Low May 2
  • SUP 3: 133.64 Low Apr 28
  • SUP 4: 133.10 Low Apr 19 and the bear trigger

Bund futures remain in a short-term uptrend. Last week’s print above 137.22, the May 4 high, reinforces a bullish condition and the latest pullback appears to be a correction. A continuation higher would open 137.55, a Fibonacci retracement. Clearance of this level would expose 138.09, the Apr 6 high. On the downside, a break below 134.99, the May 10 low would instead highlight a bearish threat and expose 134.35, the May 2 low.

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