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Flash: Bunds move towards consolidation after H&S target reached – RBS

FXstreet.com (Barcelona) - According to Technical Strategist Dmytro Bondar at RBS, “The Bund 144.24 head and shoulders target has been reached (the 161.8% projection of the head-to- neckline distance).

In addition, “the 20/5/5/3 slow stochastic turned in the oversold region, suggesting the price would consolidate within the 144.24 – 144.68 range (next resistance is 145.00/11) before extending the move to the ultimate target of 143.54 from the pattern, being the full 200% projection from the head-to-neckline distance (published on Thursday). A break of 145.11 would bring a risk of double- bottom formation.” Bondar adds.

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