Euro Bund future: 7 consecutive higher lows, new bearish technical picture

Euro Bund future marked 7 consecutive higher lows and the seventh consecutive negative trading session. New bearish technical picture.

Euro Bund future close slightly lower. Last Friday trading session ended at 163.91 (-0.16%). Marked a series of 7 consecutive higher lows and the seventh consecutive negative trading session. New bearish technical picture drawn on daily chart (high2 > high1, high1 > high, low2 > low1, low1 > low, close2 > close1, close1 > close), we suggest to watch today closing. Leading indicators confirm the negative trend, we suggest to monitor today closing.
bearish technical picture

View the interactive chart on ProRealTime.com

Simple Moving Average (SMA)
Quotes are below the 14 days moving average (SMA value is 165.03). The short term view is therefore bearish, however for today trading session we can’t exclude retracements towards the most significant resistance levels.
Volumes
Daily chart shows volume is lower than the previous day.


Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 07/10/2016.

Performance: 7 trading days= -1.10% – 15 trading days= +0.10% – 30 trading days= -2.18%

Resistance levels: R1= 164.23 – R2= 164.56 – R3= 165.14
Pivot Point: 163.98
Support levels: S1= 163.65 – S2= 163.40 – S3= 162.82


Buying opportunity above 164.06 targets minor resistance at 164.45 and perhaps as far as strong resistance at 164.71, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 165.25.

Selling opportunity below 163.73 targets minor support at 163.35 and perhaps as far as strong support at 163.09, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 162.55.