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(M4) Trend Structure Remains Bearish

BUND TECHS
  • RES 4: 134.15 High Mar 8 and a bull trigger
  • RES 3: 133.48 High Mar 27
  • RES 2: 133.05 High Apr 12
  • RES 1: 132.16 20-day EMA
  • PRICE: 131.64 @ 05:36 BST Apr 19
  • SUP 1: 130.97 Low Apr 16
  • SUP 2: 130.87 1.00 proj of the Mar 8 - 18 - 27 price swing
  • SUP 3: 130.25 1.236 proj of the Mar 8 - 18 - 27 price swing
  • SUP 4: 130.00 Round number support

The trend outlook in Bund futures remains bearish and this week’s move lower reinforces current conditions. The contract has recently pierced key support at 131.23, Feb 29 low. A clear break of this level would confirm a resumption of the downtrend. Attention is on 130.87 and 130.25, Fibonacci projections. On the upside, initial firm resistance is at 133.05, the Apr 12 high. Short-term gains are - for now - considered corrective.

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