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(M3) Corrective Bounce

BUND TECHS
  • RES 4: 133.36 High Feb 27
  • RES 3: 132.79 20-day EMA
  • RES 2: 132.63 High Feb 28
  • RES 1: 132.02 High Mar 8
  • PRICE: 130.90 @ 05:16 GMT Mar 8
  • SUP 1: 130.35 Low Mar 2 and the bear trigger
  • SUP 2: 130.00 Psychological round number
  • SUP 3: 129.26 2.382 proj of the Jan 18 - Jan 30 - Feb 2 price swing
  • SUP 4: 128.79 2.50 proj of the Jan 18 - Jan 30 - Feb 2 price swing

Bund futures traded higher Thursday and the contract remains in a short-term corrective cycle. The trend outlook is bearish. Recent fresh lows confirmed a resumption of the primary downtrend and maintains the price sequence of lower lows and lower highs. The focus is on the 130.00 handle next. Initial firm resistance is seen at 132.79, the 20-day EMA. The bear trigger is 130.35, the Mar 2 low.

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