May 31, 2024 04:34 GMT
(M4) Bear Cycle Remains In Play
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: 131.15/132.11 50-day EMA / High May 16 and the bull trigger
- RES 1: 130.41 20-day EMA
- PRICE: 129.31 @ 05:18 BST May 31
- SUP 1: 128.75 Low May 29
- SUP 2: 128.42 Low Nov 1 ‘23 (cont)
- SUP 3: 128.26 2.00 proj of the Mar 8 - 18 - 27 price swing
- SUP 4: 127.56 Low Oct 26 2023 (cont)
A bear cycle in Bund futures, that started off the May 16 high of 132.11, remains intact. Wednesday’s fresh cycle low reinforces this theme. The contract has breached the key support and bear trigger at 129.53, the Apr 25 low. The move down confirms a resumption of the downtrend that started late December last year and opens 128.42 next, the Nov 1 ‘23 low (cont). Initial resistance is at 130.41, the 20-day EMA.
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