BUND pushes through Thursday's high


Euro Bund (BUND) Technical Analysis Report for Mar 27, 2020 | by Techniquant Editorial Team

Highlights

BUND breaks back above 200-day moving average
BUND dominated by bulls lifting the market higher throughout the day
BUND closes higher for the 2nd day in a row
BUND pushes through Thursday's high

Overview

Moving higher for the 2nd day in a row, BUND ended the week 1.28% higher at 172.82 after gaining €1.80 (1.05%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 171.35, the Bund confirmed its breakout through the previous session high after trading up to €1.72 above it intraday.

Daily Candlestick Chart (BUND as at Mar 27, 2020):

Daily technical analysis candlestick chart for Euro Bund (BUND) as at Mar 27, 2020

Friday's trading range has been €2.17 (1.27%), that's slightly above the last trading month's daily average range of €2.01. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for BUND.

One bullish candlestick pattern matches today's price action, the White Candle.

The contract managed to close back above the 200-day moving average at 171.20. When this moving average was crossed above the last time on Monday, BUND actually lost -0.47% on the following trading day. Prices are trading close to the key technical resistance level at 173.94 (R1).

Though the market is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.

Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 200" stand out. Its common bullish interpretation has been confirmed for Euro Bund. Out of 37 times, BUND closed higher 64.86% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 64.86% with an average market move of 0.33%.

With four out of the other four Bond Markets closing higher today, the ones that stand out on the positive side are TBOND gaining 1.78% and TNOTE10Y closing 1.0% higher. None of the markets ended the day in the red. Read more


Market Conditions for BUND as at Mar 27, 2020

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