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(U3) Bounce Considered Corrective

BUND TECHS
  • RES 4: 134.14/135.00 High Jul 3 / High Jun 27
  • RES 3: 133.68 High Jul 5
  • RES 2: 132.71 20-day EMA
  • RES 1: 132.18 Low Jun 16
  • PRICE: 132.06 @ 05:07 BST Jul 13
  • SUP 1: 130.60 Low Jul 10
  • SUP 2: 130.46 1.236 projection of the Jun 1 - 16 - 27 price swing
  • SUP 3: 129.93 1.382 projection of the Jun 1 - 16 - 27 price swing
  • SUP 4: 129.49 1.50 projection of the Jun 1 - 16 - 27 price swing

Short-term gains in Bund futures are considered corrective and the trend outlook remains bearish. Price has recently cleared key support and the bear trigger at 132.12, the May 26 low. The break strengthens bearish conditions and confirms a resumption of the downtrend. This opens 130.46, a Fibonacci projection. Moving average studies are in bear-mode position, reinforcing a bearish theme. Initial firm resistance is at 132.18, the Jun 16 low.

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