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(U2) Downtrend Extends

BUND TECHS
  • RES 4: 155.27 High May 26
  • RES 3: 153.36 High May 31
  • RES 2: 152.08/34 20-day EMA / Low May 18
  • RES 1: 149.92/150.97 High Jun 7 / Low May 9
  • PRICE: 148.00 @ 13:10 BST Jun 9
  • SUP 1: 147.63 Low Sep 19 2014 (cont)
  • SUP 2: 147.35 1.50 proj of the Apr 28 - May 9 - 12 price swing
  • SUP 3: 146.68 1.618 proj of the Apr 28 - May 9 - 12 price swing
  • SUP 4: 145.85 1.764 proj of the Apr 28 - May 9 - 12 price swing

A bearish theme and strong downward price pressure continue to deliver fresh lows in Bund futures. Price has recently cleared support at 150.97, May 9 low and a bear trigger. The contract is also below the 150.00 handle. This marked a resumption of the primary downtrend and maintains the bearish price sequence of lower lows and lower highs. The focus is on 147.35 next, a Fibonacci projection. Firm resistance is at 152.08, the 20-day EMA.

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