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(M3) Downtrend Intact

BUND TECHS
  • RES 4: 134.00 Round number resistance
  • RES 3: 133.06 20-day EMA
  • RES 2: 132.63 High Feb 28
  • RES 1: 132.01 High Mar 1
  • PRICE: 130.76 @ 05:05 GMT Mar 7
  • 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 gains are considered corrective and a short-term recovery would allow the oversold trend condition to unwind. The trend direction remains down - last week’s move lower 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 133.06, the 20-day EMA. The bear trigger is 130.35, last week’s low.

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