FXstreet.com (Barcelona) - According to Technical Strategist Dmytro Bondar at RBS, “The Bund market consolidated within the 139.50-140.48 region, as a selloff triggered by the double-top breakout met its target at the 23.6% retracement from June impulse wave at 139.50 – this level was deemed to see a local bottom.”
“The weekly close was above the gap support of 140.00, which marked a positive for the market. As such, momentum oscillators still remain bearish, though it is interesting to observe the slow stochastic oscillator started to converge while entering the oversold region, which could be supportive in the near term. The range of 139.50-140.48 is likely to be in place with a possibility of extending recovery to 140.90/141.10.” Bondar warns.
“The weekly close was above the gap support of 140.00, which marked a positive for the market. As such, momentum oscillators still remain bearish, though it is interesting to observe the slow stochastic oscillator started to converge while entering the oversold region, which could be supportive in the near term. The range of 139.50-140.48 is likely to be in place with a possibility of extending recovery to 140.90/141.10.” Bondar warns.
