May 10, 2024 07:10 GMT
(M4) Resistance At The 50-Day EMA Remains Intact
BUND TECHS
- RES 4: 133.05 High Apr 12
- RES 3: 132.55 High Apr 15
- RES 2: 132.24 High Apr 19
- RES 1: 131.85 50-day EMA
- PRICE: 131.30 @ 08:03 BST May 10
- SUP 1: 130.50/129.53 Low May 3 / Low Apr 25 and the bear trigger
- SUP 2: 129.26 1.618 proj of the Mar 8 - 18 - 27 price swing
- SUP 3: 129.00 Round number support
- SUP 4: 128.88 1.764 proj of the Mar 8 - 18 - 27 price swing
The trend outlook in Bund futures is unchanged and it remains bearish. The latest short-term gains appear to be a correction. Key support at 131.23, the Feb 29 low, has recently been cleared. This confirmed a continuation of the downtrend. A resumption of weakness would open 129.26, a Fibonacci projection. Firm resistance is at 131.85, the 50-day EMA. A clear break of the average would be bullish.
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