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(M3) Pullback Considered Corrective

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: 136.21/137.22 High May 8 / 4
  • PRICE: 135.49 @ 05:10 BST May 9
  • SUP 1: 135.21 Low May 8
  • 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 trend conditions remain bullish and the recent pullback still appears to be a correction. A resumption of gains would open 137.55, a Fibonacci retracement. Clearance of this level would expose 138.09, the Apr 6 high. On the downside, initial firm support is at 135.21, Monday’s low. An extension lower would signal scope for weakness towards 134.35, the May 2 low.

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