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(U4) Trades Through Key Short-Term Resistance

BUND TECHS
  • RES 4: 133.42 1.764 proj of the May 31 - Jun 5 - 10 price swing
  • RES 3: 133.00 Round number resistance
  • RES 2: 132.83 High May 16 and a bull trigger
  • RES 1: 132.48 Intraday high
  • PRICE: 132.17 @ 08:06 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, still appear to be a correction. However, we would need to see a clear resumption of weakness to refocus attention on 129.37, the May 31 low and bear trigger. Note, yesterday’s gains did result in a print above 131.58, the Jun 5 high and price is trading above the 50-day EMA. The contract is firmer again today and this does suggest potential for a stronger corrective bounce and possibly even a short-term reversal. The next key resistance to watch is 132.83, May 16 high.

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