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(M4) Clears 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: 131.32/132.11 50-day EMA / High May 16 and the bull trigger
  • RES 1: 130.69 20-day EMA
  • PRICE: 129.38 @ 05:23 BST May 29
  • SUP 1: 129.37 Intraday low
  • SUP 2: 129.26 1.618 proj of the Mar 8 - 18 - 27 price swing
  • SUP 3: 128.88 1.764 proj of the Mar 8 - 18 - 27 price swing
  • SUP 4: 128.42 Low Nov 1 ‘23 (cont)

A bear cycle in Bund futures, that started off the May 16 high of 132.11, remains in play. Today’s move to a fresh cycle low reinforces this theme. The contract has breached the key support and bear trigger at 129.53, the Apr 25 low. This confirms a resumption of the downtrend that started late December last year and opens 129.26, a Fibonacci projection. Initial resistance is at 130.69, the 20-day EMA.

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