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(U1) Firm Above The Bull Channel Top

BUND TECHS
  • RES 4: 176.38 1.382 proj of the May 19 - Jun 11 - Jun 22 price swing
  • RES 3: 176.30 76.4% retracement of the Dec '20 - May sell-off (cont)
  • RES 2: 175.88 1.236 proj of the May 19 - Jun 11 - Jun 22 price swing
  • RES 1: 175.72 High Jul 19
  • PRICE: 175.54 @ 04:36 BST Jul 20
  • SUP 1: 174.45 Low Jul 15
  • SUP 2: 173.70 LowJul 13 and 14
  • SUP 3: 173.16 High Jun 11 and recent breakout level
  • SUP 4: 172.82 Channel base from May 19 low

Bund futures remain firm having started the week on a firm note with price trading above the former resistance of 174.77, Jul 8 high. The clear break of this level strengthens a bullish case, confirms a resumption of the uptrend and highlights a bullish breakout of a rising channel drawn off the May 19 low. With 175.00 cleared, attention is on 175.88, a Fibonacci projection. Initial support is at 174.45, the Jul 15 low.

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