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(U1) Approaching Recent Highs

BUND TECHS
  • RES 4: 175.26 High Feb 18 (cont)
  • RES 3: 175.08 1.00 proj of the May 19 - Jun 11 - Jun 22 price swing
  • RES 2: 174.97 High Mar 3 (cont)
  • RES 1: 174.77 High Jul 8 and the bull trigger
  • PRICE: 174.62 @ 05:19 BST Jul 15
  • SUP 1: 173.70 LowJul 13 and 14
  • SUP 2: 173.16 High Jun 11 and recent breakout level
  • SUP 3: 172.61/49 50-day EMA / Low Jul 6
  • SUP 4: 171.67 Low Jun 22 and the near-term bear trigger

Bund futures traded higher yesterday and the near-term outlook remains bullish. This follows last week's gains, an extension of the rally from Jun 22. Furthermore, price has recently cleared 173.16, Jun 11 high. The break confirmed a resumption of the uptrend that started May 9 and established a price sequence of higher highs and higher lows. Attention is on 174.97, Mar 3 high (cont) and 175.08, a Fibonacci projection. Initial support is at 173.70.

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