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(U1) Approaching The Bull Trigger

BUND TECHS
  • RES 4: 173.79 High Apr 8
  • RES 3: 173.32 76.4% retracement of the Mar 25 - May 19 sell-off
  • RES 2: 173.16 High Jun 11
  • RES 1: 173.04 High Jun 14
  • PRICE: 173.01 @ 05:19 BST Jun 21
  • SUP 1: 172.09 20-day EMA
  • SUP 2: 171.80/37 Low Jun 17 / Low Jun 3
  • SUP 3: 170.99 Low Mar 31 and key short-term support
  • SUP 4: 170.56 Low May 24

Bund futures are firner following the recent recovery from 171.80, Jun 17 low. The recent pullback is still considered corrective and while 171.80 remains intact, scope is seen for a push higher. Note that the contract also found support just below the 50-day EMA last week, reinforcing the importance of 171.80. A break lower would strengthen a bearish case. On the upside, key resistance and bull trigger is at 173.16, Jun 11 high.

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