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(M4) Monitoring Key Support

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: 131.37/132.11 50-day EMA / High May 16 and the bull trigger
  • RES 1: 130.77 20-day EMA
  • PRICE: 130.27 @ 05:10 BST May 28
  • SUP 1: 129.63 Low May 24
  • SUP 2: 129.53 Low Apr 25 and a bear trigger
  • SUP 3: 129.26 1.618 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 The recent extension lower has exposed the key support and bear trigger at 129.53, the Apr 25 low. Clearance of this level would confirm a resumption of the downtrend that started late December last year. This would open 129.26, a Fibonacci projection. A break of 132.11, is required to reinstate a bullish theme. Initial resistance is at 130.77, the 20-day EMA.

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