May 24, 2024 04:43 GMT
(M4) Approaching The Bear Trigger
BUND TECHS
- RES 4: 132.89 38.2% retracement of the Dec 27 - Apr 25 bear cycle
- RES 3: 132.55 High Apr 15
- RES 2: 131.47132.11 50-day EMA / High May 16 and the bull trigger
- RES 1: 130.88 20-day EMA
- PRICE: 130.05 @ 05:25 BST May 24
- SUP 1: 129.71 Low May 23
- SUP 2: 129.53 Low Apr 25 and a bear trigger
- SUP 3: 129.26 1.618 proj of the Mar 8 - 18 - 27 price swing
- SUP 4: 128.42 Low Nov 1 ‘23 (cont)
Bund futures have continued the pullback from the May 16 high of 132.11. The extension lower has exposed the key support and bear trigger at 129.53, the Apr 25 low. A break of this level would confirm a resumption of the downtrend that started late December last year. This would open 129.26, a Fibonacci projection. For bulls, clearance of 132.11, is required to reinstate a bullish theme and signal a possible reversal.
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