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(U2) Corrective Bull Cycle Extends

BUND TECHS
  • RES 4: 155.27 High May 26
  • RES 3: 154.65 High May 27
  • RES 2: 153.36 High May 31
  • RES 1: 152.28 76.4% retracement of the May 12 - Jun 16 bear leg
  • PRICE: 151.56 @ 15:33 BST Jul 1
  • SUP 1: 146.50/144.72 Low Jun 30/ 28 and a key support
  • 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 continue to trade higher and today’s gains mark an acceleration of the current uptrend. 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. On the downside, key short-term support has been defined at 144.72, a break would highlight a bearish reversal.

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