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(U2) Trading Closer To Its Recent Highs

BUND TECHS
  • RES 4: 152.28 76.4% retracement of the May 12 - Jun 16 bear leg
  • RES 3: 151.23 50-day EMA
  • RES 2: 150.06 61.8% retracement of the May 12 - Jun 16 bear leg
  • RES 1: 149.00 High Jun 24
  • PRICE: 147.39 @ 05:05 BST Jun 27
  • 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 ended last week on a firmer note and price is trading closer to recent highs. Gains last week resulted in a breach of 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 150.06, a Fibonacci retracement. 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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