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(M4) Trend Conditions Remains Bearish

BUND TECHS
  • RES 4: 134.48 High Feb 5
  • RES 3: 134.15 High Mar 8 and the bull trigger
  • RES 2: 133.48/69 High Mar 27 / 12
  • RES 1: 133.05 High Apr 12
  • PRICE: 132.02 @ 05:11 BST Apr 16
  • SUP 1: 131.31 Low Apr 11
  • SUP 2: 131.23 Low Feb 29 and the bear trigger
  • SUP 3: 130.60 1.50 proj of the Dec 27 - Feb 29 - Mar 8 price swing
  • SUP 4: 130.00 Round number support

The trend outlook in Bund futures remains bearish and last Friday’s bounce appears to have been a correction. A resumption of weakness would open 131.23, Feb 29 low. Clearance of this level would confirm a continuation of the downtrend that started late last year and open 130.60, a Fibonacci projection. MA studies are in a bear-mode position, highlighting a downtrend. On the upside, a break of 133.48, Mar 27 high, reinstates a bullish theme.

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