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(U4) Trades Through Key Short-Term Resistance

BUND TECHS
  • RES 4: 133.00 Round number resistance
  • RES 3: 132.83 High May 16 and a bull trigger
  • RES 2: 132.18 High May 17
  • RES 1: 131.97 High Jun 12
  • PRICE: 131.65 @ 05:41 BST Jun 14
  • SUP 1: 130.86 20-day EMA
  • SUP 2: 130.21 Low Jun 12
  • SUP 3: 129.52 Low Jun 10
  • SUP 4: 129.37 Low May 31 and the bear trigger

Recent gains in Bund futures from 129.37, the May 31 low, appear to be a correction. A resumption of weakness would refocus attention on 129.37, the May 31 low and bear trigger. Clearance of this level would resume the downtrend and open the 129.00 handle. Note, yesterday’s gains did result in a print above 131.58, the Jun 5 high and price is above the 50-day EMA. A clear break of this hurdle would instead highlight a short-term reversal.

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