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(U2) Bull Cycle Remains Intact

BUND TECHS
  • RES 4: 154.65 High May 27
  • RES 3: 153.36 High May 31
  • RES 2: 152.28 76.4% retracement of the May 12 - Jun 16 bear leg
  • RES 1: 151.65 High Jul 1 and the bull trigger
  • PRICE: 149.07 @ 05:03 BST Jul 5
  • SUP 1: 147.78/144.72 20-day EMA/ Low Jun 28 and a key support
  • SUP 2: 142.56 Low Jun 17
  • SUP 3: 140.67 Low Jun 16 and bear trigger
  • SUP 4: 140.00 Psychological round number

Bund futures maintain a short-term bullish tone following last week’s gains. The contract has traded above resistance at 149.00 and this has established a bullish price sequence of higher highs and higher lows on the daily chart, reinforcing the current uptrend. The contract has also cleared the 50-day EMA. 151.65, the Jul 1 high, is the bull trigger. On the downside, key short-term support has been defined at 144.72, the Jun 28 low.

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