It's pretty much all about Fibonacci today - the market has recent peaked at around 4.24 and is in the process of eroding a key convergence of support at 3.25/3.32 (lows since January, the 55-week ma and the 2018 high). These are looking vulnerable and failure will imply a deeper corrective move lower towards 3.00 and potentially 2.80ish - the 38.2% retracement of...
Just wanted to highlight the falling wedge pattern on the bund (#reversal) that we noted on Friday will complete on a close above 137.25, however given the move this morning we will just go with it. It offers an approximate 147 upside measured target.
Near term #resistance is 140.63/85 - the 23.6% retracement of the move down from December 2021, the June 2022 low...
A significant loss of downside momentum depicted by the #divergence of the weekly and month #RSI AND a potential falling wedge suggests that market should be closely monitored for signs of #reversal.
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