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(U2) Corrective Bounce Extends

BUND TECHS
  • RES 4: 151.37 50-day EMA
  • RES 3: 150.06 61.8% retracement of the May 12 - Jun 16 bear leg
  • RES 2: 148.51 High Jun 10
  • RES 1: 148.45 High Jun 23
  • PRICE: 147.56 @ 05:07 BST Jun 24
  • SUP 1: 144.81 Low Jun 23
  • SUP 2: 142.56/140.67 Low Jun 17 / Low Jun 16 and bear trigger
  • SUP 3: 140.00 Psychological round number
  • SUP 4: 138.68 Low Jan 2 2014 (cont)

Bund futures traded higher Thursday and in the process cleared initial resistance at 145.72. The contract also breached resistance at 147.34, the 20-day EMA. The break of this average strengthens short-term bullish conditions and signals scope for a stronger corrective recovery. The focus is on 148.51, the Jun 10 high. On the downside, initial firm support to watch is 142.56, Jun 17 low. Note that short-term gains are still considered corrective.

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  • RES 4: 151.37 50-day EMA
  • RES 3: 150.06 61.8% retracement of the May 12 - Jun 16 bear leg
  • RES 2: 148.51 High Jun 10
  • RES 1: 148.45 High Jun 23
  • PRICE: 147.56 @ 05:07 BST Jun 24
  • SUP 1: 144.81 Low Jun 23
  • SUP 2: 142.56/140.67 Low Jun 17 / Low Jun 16 and bear trigger
  • SUP 3: 140.00 Psychological round number
  • SUP 4: 138.68 Low Jan 2 2014 (cont)

Bund futures traded higher Thursday and in the process cleared initial resistance at 145.72. The contract also breached resistance at 147.34, the 20-day EMA. The break of this average strengthens short-term bullish conditions and signals scope for a stronger corrective recovery. The focus is on 148.51, the Jun 10 high. On the downside, initial firm support to watch is 142.56, Jun 17 low. Note that short-term gains are still considered corrective.