BUND closes higher for the 2nd day in a row


Euro Bund (BUND) Technical Analysis Report for May 29, 2020 | by Techniquant Editorial Team

Highlights

BUND breaks back above 100-day moving average
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 month -1.02% lower at 172.38 after gaining €0.31 (0.18%) today ahead of tomorrow's Whitmonday market holiday. Closing above Thursday's high at 172.32, the market confirmed its breakout through the previous session high after trading up to €0.25 above it intraday.

Daily Candlestick Chart (BUND as at May 29, 2020):

Daily technical analysis candlestick chart for Euro Bund (BUND) as at May 29, 2020

Friday's trading range has been €0.57 (0.33%), that's below the last trading month's daily average range of €0.79. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BUND.

Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.

The contract managed to close back above the 100-day moving average at 172.11. When this moving average was crossed above the last time on April 14th, BUND gained 0.64% on the following trading day.

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

Selling might accelerate should prices move below the close-by swing low at 171.50 where further sell stops could get triggered.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 50" stand out. Its common bullish interpretation has been confirmed for Euro Bund. Out of 67 times, BUND closed higher 56.72% 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 70.15% with an average market move of 0.41%.

With four out of the other four Bond Markets closing higher today, the ones that stand out on the positive side are TBOND gaining 0.53% and TNOTE10Y closing 0.2% higher. None of the markets ended the day in the red. Read more


Market Conditions for BUND as at May 29, 2020

Loading Market Conditions for BUND (Euro Bund)...
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