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(U1) Probes Resistance

  • 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: 174.95/97 Channel top from May 19 low / High Mar 3 (cont)
  • RES 1: 174.90 High Jul 15
  • PRICE: 174.71 @ 05:13 BST Jul 16
  • SUP 1: 173.70 LowJul 13 and 14
  • SUP 2: 173.16 High Jun 11 and recent breakout level
  • SUP 3: 172.83/75 50-day EMA / Channel base from May 19 low
  • SUP 4: 171.49 Low Jul 6

Bund futures traded higher yesterday and the near-term outlook remains bullish. The contract probed initial resistance at 174.77, Jul 8 high. A clear break would strengthen a bullish case, confirm a resumption of the uptrend and highlight a bullish breakout of a rising channel drawn off the May 19 low. Attention is on 174.97, Mar 3 high (cont) and 175.08, a Fibonacci projection. Initial support is at 173.70, the Jul 13 and 14 low.

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