HALISTER1: Bund Futures Levels in Focus Into Large Duration Supply in EGBs

Bund Futures Levels in Focus Into Large Duration Supply in EGBs

(Bloomberg) -- Ahead of heavy duration auction supply due to hit the EGB market today, attention turns to 163.02-162.84 support zone; outlook for bunds lower after corrective phase higher peters out, Bloomberg technical analyst Sejul Gokal writes.
  • See chart; now +1 tick to 163.20
  • Large auction supply due to hit the EGB market today from France and Spain within a 20-minute time frame, which may pressure bund futures into the bidding deadlines
  • Support comprised of Dec. 22 and Jan. 3 lows and 38.2% Fibonacci of early Dec. up-leg
  • Resistance at 163.88 (200-DMA) and then 164.07
  • 5-day point-of-control at 164.30; yesterday’s point-of- control at 163.25 with value area at 163.48-163.18 (initiative trading activity may occur outside value lines), according to Market Picture study
  • NOTE: Sejul Gokal is a technical strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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