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(U2) Southbound

BUND TECHS
  • RES 4: 154.47 High Aug 18
  • RES 3: 153.66 High Aug 19
  • RES 2: 153.04 50-day EMA
  • RES 1: 1151.42 High Aug 25
  • PRICE: 148.38 @ 05:12 BST Aug 29
  • SUP 1: 147.94 61.8% of the Jun 16 - Aug 2 bull leg
  • SUP 2: 143.40 Low Jun 22
  • SUP 3: 142.56 Low Jun 17
  • SUP 4: 140.67 Low Jun 16 and major support

Bund futures have started the week on a softer note, gapping lower this morning. This reinforces current bearish conditions as price moves further away from the 50-day EMA. The average marked a key support area and the recent breach strengthened bearish conditions. The focus is on the 147.94 next, a Fibonacci retracement. On the upside, initial firm resistance is seen at 151.42, the Aug 25 high.

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