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(M3) Bullish Outlook

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: 136.38 High May 16
  • PRICE: 135.42 @ 05:18 BST May 17
  • SUP 1: 135.14/134.99 2 Low May 16 / 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 have continued to pullback this week, extending the move lower from 137.29, the May 11 high. The contract has cleared support at the 20-day EMA and attention turns to 134.99, the May 10 low. This represents a key short-term support and a break would signal scope for a deeper retracement. On the upside, key short-term resistance has been defined at 137.29 where a break is required to reinstate a bullish theme.

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