Halister News

(Bloomberg) -- A recent rally in bund futures generic (Dec. 2016) sets up a test of resistance at 161.17 and then 161.64, potentially as soon as today; contract has been carving a base against 55-week MA (159.76) and heavy price distribution zone, Bloomberg technical analyst Sejul Gokal writes.

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• RX1: Price action reveals dip-buying interest, signaled by the formation of two bullish candlestick ’hammers’ within past 3 sessions; any uptick still corrective unless 200- DMA/21-DMAs at 161.97-99 area are taken out on closing basis (see chart)
  • Daily view: Tactically Bullish
  • Resistance: 161.17; 161.64; 161.97-99
  • Spot: 160.71
  • Support: 159.82; 159.14
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• NOTE: Sejul Gokal is an FX strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice.