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(U3) Bearish Extension

BUND TECHS
  • RES 4: 136.97 High Apr 6
  • RES 3: 136.50 High May 11
  • RES 2: 135.85 High Jun 1 and key short-term resistance
  • RES 1: 134.18/134.95 20-day EMA / High Jun 6
  • PRICE: 133.31 @ 05:04 BST Jun 8
  • SUP 1: 133.00 76.4%retracement of the May 26 - Jun 1 rally
  • SUP 2: 132.33 Low May 29
  • SUP 3: 132.12 Low May 26 and key support
  • SUP 4: 132.00 Round number support

Bund futures faced resistance yesterday and the contract traded sharply lower. The break reinforces a bearish theme following the reversal from 135.85, the Jun 1 high. Support at 133.45 has been cleared, the May 30 low and this open 133.00, a Fibonacci retracement. The key support is down at 132.12, the May 26 low. On the upside, initial resistance is seen at 134.18, the 20-day EMA.

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