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(U2) Trend Direction Still Down

BUND TECHS
  • RES 4: 154.47 High Aug 18
  • RES 3: 153.66 High Aug 19
  • RES 2: 152.30 50-day EMA
  • RES 1: 149.32/151.42 High Aug 30 / High Aug 25
  • PRICE: 149.20 @ 05:24 BST Sep 5
  • SUP 1: 146.78/50 Low Jun 30
  • SUP 2: 145.14 Low Sep 1 and the bear trigger / Low Jun 29
  • SUP 3: 144.72 Low Jun 28 and a key support
  • SUP 4: 143.05 Low Jun 121

Bund futures remain in bear mode following last week's extension lower. Short-term gains are considered corrective. Price is through 147.94, 61.8% of the Jun 16 - Aug 2 bull leg. The break reinforces bearish conditions and sets the scene for a move towards 146.50 next, the Jun 30 low. On the upside, initial firm resistance is seen at 151.42, Aug 25 high. A break of this level is required to ease the current bearish threat.

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