(M9) March 8/12 Highs the Key *RES 4:....>

BUND TECHS: (M9) March 8/12 Highs the Key

*RES 4: 166.83 High Feb 8 (continuation chart)

*RES 3: 166.39/48 Up trendline from Oct 5 low/High Feb 27 (cont)

*RES 2: 165.63/90/97 138.2%/150% projection from 162.42-164.74/High Feb 28

*RES 1: 165.29 123.6% projection from 162.42-164.74

*PRICE: 164.80 @ 15:55 GMT Mar 21

*SUP 1: 164.32 Low Mar 20

*SUP 2: 163.87/63 21-dma/Low Mar 19

*SUP 3: 163.55/43 100-dma/Low Mar 7

Bund futures continued to push higher on Thursday, reaching new highs for the

current contract. However, the March 8/12 highs of 164.74 proved a drag. A close

below this level would return the outlook to neutral. However, a close this

level would reignite upside momentum and open the Feb highs on the continuation

chart. Bears initially need to break back below yesterday's low of 164.32 ahead

of the 21-dma and Wednesday's low at 163.87/84. A break below here would see the

March 7 low at 163.43 come into focus.