TBond: Clean breakout above the resistance at 157.24 seems premature - Natixis

Sandeep Kanihama FXStreet Contributor

Given the negative orientation of the daily stochastic for TBond, and since daily volatility has subsided and the weekly stochastic is downbeat, a clean breakout above the resistance at 157.24 (upper band of daily Bollinger) seems premature in view of Micaella Feldstein, Research Analyst at Natixis.

Key quotes

“Under these conditions, it is more likely the contract will pull back towards the support at 156.03 (daily Bollinger moving average) before eyeing the one at 154.23 (9-week moving average). Resistance levels are located at around 157.24-157.27, at 158.14, at 160 and at 161.08.”

“Resistance at 157.24 should cap any rebounds. It is more likely the contract will undergo a consolidation towards the support at 156.03 before eyeing the one at 154.23.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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