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(M3) Holding On To Its Recent Gains

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: 136.88 High Apr 11
  • RES 1: 136.70 50.0% retracement of the Mar 20 - Apr 19 bear leg
  • PRICE: 136.52 @ 05:10 BST May 4
  • SUP 1: 135.911 Low Apr 3
  • SUP 2: 135.11 20-day EMA
  • SUP 3: 133.64/133.10 Low Apr 28 / 19 and the bear trigger
  • SUP 4: 132.70 76.4% retracement of the Mar 2 - 20 rally

Bund futures traded higher Wednesday and the contract is holding on to its recent gains. Bullish conditions remain intact and the focus is on 136.70, a Fibonacci retracement. Clearance of this level would open 136.88, the Apr 11 high. On the downside, key short-term support has been defined at the Apr 19 low of 133.10. This is the bear trigger and a break would reinstate the recent bearish theme. Initial support is at 135.11, the 20-day EMA.

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