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(U3) Clears The 50-Day EMA

BUND TECHS
  • RES 4: 134.01 High Jul 24
  • RES 3: 133.92 High Jul 27
  • RES 2: 133.45 High Aug 8 and a key resistance
  • RES 1: 132.91 High Aug 10
  • PRICE: 132.73 @ 05:19 BST Aug 24
  • SUP 1: 131.85/20 20-day EMA / Low Aug 23
  • SUP 2: 130.14 Low Aug 15
  • SUP 3: 130.00 Psychological round number
  • SUP 4: 129.69 1.00 proj of the Jul 19 - Aug 4 - Aug 8 price swing

A strong bounce in Bund futures Wednesday resulted in a break of resistance at the 20- and 50-day EMA values. The break higher threatens the recent bearish theme and instead signals scope for a stronger recovery, potentially towards 133.45, the Aug 8 high and a key resistance. Initial firm support lies at yesterday’s low of 131.20. A reversal lower and a break of this level would be seen as a bearish development.

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