(U3) Bearish Theme Remains Intact

• RES 4: 136.50 High May 11
• RES 3: 135.85 High Jun 1 and key short-term resistance
• RES 2: 134.77/95 / High Jun 12 / 6
• RES 1: 133.69 20-day EMA
• PRICE: 132.64 @ 05:31 BST Jun 20
• SUP 1: 132.18 Low Jun 16
• 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 traded lower Monday. The contract maintains a softer tone and short-term gains are considered corrective. Resistance at 134.77, the Jun 12 high, remains intact. A break of this level is required to expose key short-term resistance at 135.85, the Jun 1 high. Support at 132.97, the Jun 8 low, was cleared last week and the break opens 132.12, the May 26 low and a bear trigger. Clearance of this level would strengthen bearish conditions.