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(U4) Bear Threat Still Present

BUND TECHS
  • RES 4: 133.21 High Jun 14 and the bull trigger
  • RES 3: 132.80 High Jun 25
  • RES 2: 132.24 High Jun 28
  • RES 1: 131.59 50-day EMA
  • PRICE: 131.20 @ 05:10 BST Jul 9
  • SUP 1: 130.28/23 76.4% of May 31 - Jun 14 rally / Low Jul 3
  • SUP 2: 129.52 Low Jun 10
  • SUP 3: 129.37 Low May 31 and the bear trigger
  • SUP 4: 129.00 Round number support

A bear threat in Bund futures remains present and short-term gains are considered corrective. The move lower last week undermines a recent bullish theme and signals scope for a deeper retracement. The next support to watch is 130.28, a Fibonacci retracement. It has been pierced, a clear break would strengthen a bearish threat. Initial firm resistance is at 132.24, the Jun 28 high. A break would highlight a reversal.

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