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(M3) Trend Needle Points North

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: 137.22 High May 4
  • PRICE: 136.57 @ 05:19 BST May 5
  • SUP 1: 135.62 Low Apr 4
  • SUP 2: 135.28 20-day EMA
  • SUP 3: 134.35 Low May 2
  • SUP 4: 133.64/133.10 Low Apr 28 / 19 and the bear trigger

Bund futures pushed higher again Thursday. Bullish conditions remain intact and the focus is on 137.55, a Fibonacci retracement. Clearance of this level would open 138.09, the Apr 6 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 firm support is at 135.28, the 20-day EMA.

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