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(U2) Bought on Dips

BUND TECHS
  • RES 4: 155.01 1.236 projection of the Jun 16 - 24 - 28 price swing
  • RES 3: 154.65 High May 27
  • RES 2: 154.00 Round number
  • RES 1: 153.80 High Jul 15
  • PRICE: 151.84 @ 16:28 BST Jul 21
  • SUP 1: 149.69 Low Jul 21
  • SUP 2: 148.24 Low Jul 1
  • SUP 3: 146.50 Low Jun 30
  • SUP 4: 144.72 Low Jun 28 and a key support

Bund futures came under initial pressure on the ECB rate decision, touching 149.69 before rebounding sharply. This reinforces the current buy-on-dips theme, with key support unchallenged. This keeps the broader theme positive following the recent break of 152.92, Jul 6 high. This confirmed a resumption of the bull cycle. Attention is on the 154.00 handle next ahead of 154.65, the May 27 high. Key short-term support has been defined at 148.24, the July 1 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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