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(U3) Bearish Extension

BUND TECHS
  • RES 4: 135.85 High Jun 1 and key short-term resistance
  • RES 3: 135.61 High Jun 2
  • RES 2: 134.14/135.00 High Jul 3 / High Jun 27
  • RES 1: 133.64 20-day EMA
  • PRICE: 132.44 @ 05:19 BST Jul 6
  • SUP 1: 132.34 Intraday low
  • SUP 2: 132.12 Low May 26 and key support
  • SUP 3: 131.89 1.00 projection of the Jun 1 - 8 - 12 price swing
  • SUP 4: 131.21 1.236 projection of the Jun 1 - 8 - 12 price swing

Bund futures remain soft and the contract is trading lower again today. This marks an extension of the pullback from 135.00, the Jun 27 low. A continuation lower signals scope for a test of key support and the bear trigger at 132.12, the May 26 low. A break would open 131.89, a Fibonacci projection. On the upside, initial firm resistance is at 134.14, Monday’s high. Short-term gains would be considered corrective.

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