BUND FUTURES 1ST MONTH CONT.

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Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s, select commodities, cryptocurrencies and global equity indices. Below weekly and daily scale charts on European Bund Futures are from the review section of the weekly report. It is featuring a possible bearish chart pattern setup that can act as a continuation of the existing downtrend.

BUND FUTURES 1ST MONTH CONT.

I closely monitored the BUND chart for a possible bottom reversal. Earlier I analyzed the pattern as a possible wedge. The chart pattern is possibly morphing into another configuration (a descending triangle that can resume the existing downtrend?). The long-term trend is down. Breakdown below the support at 131 levels can resume the downtrend. Incase of a breakdown below 131 levels, I will identify the pattern as a possible descending triangle with the price target of 122 levels. Lack of rebound from the horizontal support is showing possible weakness.

The chart below shows the daily price action and the possible descending triangle that is developing. Price continues to remain in a downtrend, below the 200-day average. A recovery above the 200-day average (136.95) will change the outlook to positive. Resistance area is between 137 and 143.38. Breakdown below 131 levels can come after its 4th tests of the horizontal support, increasing the conviction of the bearish signal.

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