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(M4) Bear Trigger Remains Exposed

BUND TECHS
  • RES 4: 135.44 High Feb 2
  • RES 3: 134.78 50.0% retracement of the Dec 27 - Feb 29 bear cycle
  • RES 2: 134.48 High Feb 5
  • RES 1: 133.16/134.15 50-day EMA / High Mar 8 and the bull trigger
  • PRICE: 132.02 @ 05:24 GMT Mar 18
  • SUP 1: 131.71 Low Mar 15
  • SUP 2: 131.23 Low Feb 29 and the bear trigger
  • SUP 3: 131.00 Round number support
  • SUP 4: 129.88 Bear channel base drawn from the Dec 27 high

Bund futures traded lower last week and remain soft. The move lower appears to be a correction, however, a continuation lower would expose 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 December last year. Initial firm resistance to watch is at 133.16, the 50-day EMA. A clear break of this average would be seen as a bullish development.

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