Futures Outlook: German Bund June Contract

German Bund June Contract

Bunds traded above their 50% retracement line to 123.72. However gains could not be maintained, and sellers won the day, pushing this down to 122.94.

Profit taking was seen to here, and although you have seen a small bounce, the lower close suggests that the sellers are not satisfied and want to push lower.

122.94 is the line of defence today. If a break is posted below here selling pressure will prevail, leaving 122.76 then targeted. Sellers will cover at these lower levels, and will re-sell on a break below here. 122.53 would then be targeted in the short term and sellers will want to cover once more.

Resistance is at 123.35/39. Sellers will re-enter the market also on a bounce to this level, so act accordingly. It is only above 123.45 sellers would be bothered about their positions.

Support

123.08

122.94

122.76

122.53

122.41/35

122.15

122.03

121.93

Resistance

123.20

123.35/39

123.56

123.71/76

123.87/88

124.01/06

124.22/32

124.40/47

Today’s Pivot Points

124.02

123.55

123.24

122.77

122.46

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

123.07

123.36

123.62

123.84

LONGER TERM DAILY

123.88

122.47

121.21

119.95

YESTERDAY’S PRICE ACTION

High : 123.72

Low : 122.94

Close : 123.10

German Bobl June Contract

Bobl traded higher to 116.24 but selling pressure prevailed at these higher levels and the market came lower to 115.87 thus correcting to 38% of the 2 day rally. Failure to break above 116.05 this morning will see selling pressure renewed with another assault on the downside with 115.79/76 looking to entice.

At these lower levels you will find profit taking by the sellers from above.

Small buyers will enter at these lowers levels as it represents a 50% retracement level thus always good for a few ticks bounce. However a bounce from here should hold the 115.87/90 region and seller will renter if this resistance is achieved.

However a loss below 115.76 would catch the market on the hop and buyers would reverse position and join sellers for a move lower with 115.51/50 then looking to entice.

YESTERDAY’S PRICE ACTION

High : 116.24

Low : 115.74

Close : 115.985

Support

115.90/87

115.76

115.51/50

115.42

115.34

115.27

115.15/11

115.00

Resistance

116.05

116.12/14

116.24

116.31

116.495

116.56/59

116.64*

116.715

Today’s Pivot Points

116.47

116.22

115.98

115.72

115.48

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

116.01

115.89

115.79

115.68

LONGER TERM DAILY FIB LEVELS

117.05

116.45

115.91

115.37

Subscribe by RSS Subscribe by Email