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(U3) Fades Off Highs

BUND TECHS
  • RES 4: 135.00 High Jun 27 and key resistance
  • RES 3: 134.84 2.0% 10-dma envelope
  • RES 2: 134.78 High Jun 29
  • RES 1: 134.32 High Jul 18
  • PRICE: 133.09 @ 15:49 BST Jul 20
  • SUP 1: 131.92/130.60 Low Jul 13 / 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

Bund futures spiked higher on a soft UK CPI print Wednesday, but have swiftly reversed course into the Thursday close. Moves put prices back within range of the 50- and 100-dmas, however momentum remains clearly in favour of bulls at these levels. Any continuation higher would ultimately open 135.00, the Jun 29 high and key resistance. For bears, a reversal lower would refocus attention on key support at 130.60, the Jul 10 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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