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(M4) Bear Threat Still Present

BUND TECHS
  • RES 4: 134.48 High Feb 5
  • RES 3: 134.15 High Mar 8 and the bull trigger
  • RES 2: 133.48/69 High Mar 27 / 12
  • RES 1: 132.84 50-day EMA
  • PRICE: 132.62 @ 05:35 GMT Apr 10
  • SUP 1: 131.54 Low Mar 18
  • SUP 2: 131.23 Low Feb 29 and the bear trigger
  • SUP 3: 130.60 1.50 proj of the Dec 27 - Feb 29 - Mar 8 price swing
  • SUP 4: 130.00 Round number support

Despite yesterday’s gains, a bearish threat in Bund futures remains present. A resumption of weakness would refocus attention on key support and the bear trigger at 131.23, the Feb 29 low. Clearance of this level would confirm a resumption of the downtrend that started late last year and open 130.60, a Fibonacci projection. On the upside, a break of 133.48, Mar 27 high, is needed to reinstate a bullish theme. Initial resistance is 132.85, 50-day EMA.

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