Steve Miley, MSTA
MarketChartist
Bund future bias back through 149.82/79 for corrective top
Despite a modest bounce effort Tuesday, the inside pattern leaves a still negative correction risk into midweek from the Friday bullish rally and setback.
We look for a further dip, with risk through the 149.82/79 area now completing a topping structure (Head & Shoulders?) to signal a deeper correction through 149.54 for the “neckline” support at 149.34, but trying to hold firmer support at 149.07.
However, the Friday surge through targets at 150.25 and 150.48 points to potential further upside (now into latter August), with extension risk through 150.70 to 151.00 and 151.18.
WHAT CHANGES THIS?
- Below 149.79 eases bull risks; through 149.07 signals a neutral tone, only shifting negative below 148.67.
2 Hour Bund Sept Future Chart
Daily Bund Sept Future: Adjusted Continuation Chart
THERE IS SUBSTANTIAL RISK OF LOSS IN TRADING FUTURES, OPTIONS AND FX PRODUCTS. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE
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