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(M4) Corrective Pullback

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: 134.18 High Feb 7
  • PRICE: 133.20 @ 05:28 GMT Mar 13
  • SUP 1: 132.36 Low Mar 5
  • 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 remain in a short-term uptrend and the latest pullback is considered corrective. The recent breach of the 50-day EMA signals scope for an extension and opens 134.18 next the Feb 15 high. Note that the break higher last week also resulted in a bear channel breakout - drawn from the Dec 27 high. Clearance of 134.18 would open 134.78, a Fibonacci retracement. On the downside, the bear trigger lies at 131.23 the Feb 29 low.

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