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(M3) Strong Reversal

BUND TECHS
  • RES 4: 135.57 61.8% retracement of the Feb 2 - Mar 2 bear leg
  • RES 3: 134.57 50.0% retracement of the Feb 2 - Mar 2 bear leg
  • RES 2: 134.30 High Feb 24
  • RES 1: 134.00 Round number resistance
  • PRICE: 133.71 @ 05:19 GMT Mar 10
  • SUP 1: 132.37 Intraday low
  • SUP 2: 131.07 Low Mar 9
  • SUP 3: 130.35 Low Mar 2 and the bear trigger
  • SUP 4: 130.00 Psychological round number

Bund futures have reversed sharply higher and the contract is trading firmer today. The strong impulsive rally is fast unwinding a recent oversold trend condition. Price has cleared the 20-day EMA and the focus is on the 134.00 handle next ahead of 134.57, a Fibonacci retracement point. On the downside, initial support lies at today’s intraday low of 132.37. A break of this support is required to highlight a bearish threat once again.

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