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(M4) Bull Cycle Extends

BUND TECHS
  • RES 4: 134.78 50.0% retracement of the Dec 27 - Feb 29 bear cycle
  • RES 3: 134.48 High Feb 5
  • RES 2: 134.15 High Mar 8 and the bull trigger
  • RES 1: 133.48/69 High Mar 27 / 12
  • PRICE: 133.26 @ 05:30 GMT Mar 28
  • SUP 1: 132.28/131.54 Low Mar 22 / 18
  • 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 higher Wednesday, extending the recovery from 131.54, the Mar 18 low. The contract has also breached the 50-day EMA - at 132.97. The clear break of this EMA is a bullish development and a continuation higher would open the key resistance at 134.15, the Mar 8 high. Key support has been defined at 131.23, the Feb 29 low. Clearance of this level is required to confirm a resumption of the downtrend that started last December.

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