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(U1) Pullback Considered Corrective

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: 174.77/97 High Jul 8 / High Mar 3 (cont)
  • RES 1: 174.32 High Jul 9 and 12
  • PRICE: 173.90 @ 05:17 BST Jul 14
  • SUP 1: 173.16 High Jun 11 and recent breakout level
  • SUP 2: 172.61/49 50-day EMA / Low Jul 6
  • SUP 3: 171.67 Low Jun 22 and the near-term bear trigger
  • SUP 4: 171.37 Low Jun 3

Bund futures remain below recent lows. The near-term outlook remains bullish. The contract traded higher last week, extending the rally from Jun 22. Price has recently cleared key 173.16, Jun 11 high. The break confirmed a resumption of the uptrend that started May 9 and established a bullish price sequence of higher highs and higher lows. Attention is on 174.97 next, Mar 3 high (cont) and 175.08, a Fibonacci projection. Initial support is at 173.16.

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