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Bund Futures May Pull Back in Bullish Trend: Technical Analysis

German 10-year government bond futures may decline in the near term after the September contract failed to push toward the all-time high of 134.77, said JPMorgan Chase & Co, citing trading patterns.

Any pullback is likely to be temporary as charts suggest the market has room for further gains after a 3.9 percent advance last month, the bank wrote in an e-mailed note today. The September contract will find support, or levels where buying orders may be concentrated, at 132.85 and 131.42, it said.

“The pullback has had a corrective tone, and the monthly and weekly momentum measures retain a buy signal,” wrote JPMorgan technical analysts Michael Krauss and Jason Hunter in New York. “For now, the bull trend is intact until the price action confirms otherwise.”

The bund September contract snapped three days of losses to trade less than 0.1 percent higher at 132.97 at 4:47 p.m. in London. This year’s average is 124.28. The contract reached a record high in August last year.

In technical analysis, investors and analysts study charts of trading patterns and prices to forecast changes in a bond, commodity, currency or index. Resistance levels are ceilings restricting further price increases, while support levels are floors limiting declines.

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