May 23, 2024 04:46 GMT
(M4) Support Holding For Now
BUND TECHS
- RES 4: 133.05 High Apr 12
- RES 3: 132.89 38.2% retracement of the Dec 27 - Apr 25 bear cycle
- RES 2: 132.55 High Apr 15
- RES 1: 131.54/132.11 50-day EMA / High Apr 16 and the bull trigger
- PRICE: 130.49 @ 05:30 BST May 23
- SUP 1: 130.30 Low May 22
- SUP 2: 130.24 Low May 14 and a key short-term support
- SUP 3: 129.83 Low Apr 30
- SUP 4: 129.53 Low Apr 25 and a bear trigger
Bund futures continue to trade below the May 16 high. The rally on May 15 resulted in a print above the 50-day EMA and was followed by a breach of a key resistance at 131.86, the May 7 high. In order to strengthen a bullish condition, the contract needs to trade above 132.11, the May 16 high. For bears, a breach of support at 130.24, the May 14 low, would instead be a bearish development and expose key support at 129.53, the Apr 25 low.
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