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(M4) Trend Needle Points South

BUND TECHS
  • RES 4: 132.24 High Apr 19
  • RES 3: 132.00 50-day EMA
  • RES 2: 131.47 High Apr 23
  • RES 1: 131.13 20-day EMA
  • PRICE: 130.68 @ 05:17 BST May 3
  • SUP 1: 129.53 Low Apr 25
  • 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, it remains bearish and short-term gains are considered corrective. The contract traded to fresh cycle lows last week, confirming once again a resumption of the downtrend. Key support at 131.23, the Feb 29 low, has also recently been cleared. Sights are on 129.26, a Fibonacci projection. On the upside, firm resistance is at 133.05, the Apr 12 high. First resistance to watch is at 131.13, the 20-day EMA.

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