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(U4) Northbound

BUND TECHS
  • RES 4: 137.26 3.50 projection of the May 31 - Jun 5 - 1 price swing
  • RES 3: 136.99 3.382 projection of the May 31 - Jun 5 - 1 price swing
  • RES 2: 136.45 76.4% of the Dec 27 - May 31 downleg (cont)
  • RES 1: 136.28 Intraday high
  • PRICE: 135.83 @ 07:50 BST Aug 5
  • SUP 1: 134.39 Low Aug 2
  • SUP 2: 132.84 20-day EMA
  • SUP 3: 132.23/131.62 50-day EMA / Low Jul 22 and a key support
  • SUP 4: 131.39 Low Jul 15

A bull cycle in Bund futures remains in play and the contract traded higher last week, which resulted in a break of 133.21, the Jun 14 high and a bull trigger. Clearance of this level confirmed a resumption of the bull cycle and the subsequent impulsive rally reinforces current conditions. Note that MA studies are in a bull-mode position, highlighting a rising trend. Sights are on 136.45, a Fibonacci retracement. Initial support is 134.39, the Aug 2 low.

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