Chartbook: Chart GER 10 Year Yield: Potential for a minor pullback in broad range

The anticipated break above critical resistance at congestion around 3.000% and the 3.024% year high of October 2023 has not been seen,

as a spike in global risk in early April prompted a pullback and consolidation above the 2.436% monthly low of 30 April.

Weekly stochastics and the weekly Tension Indicator are turning down, highlighting room for a break beneath here towards stronger support at congestion around 2.300%.

A further break will open up 2.000%. But already oversold weekly stochastics should limit any deeper reactions in consolidation above critical support at the 1.887% year low of December 2023.

Meanwhile, resistance remains at 3.000% - 3.024%.

Negative monthly studies are expected to limit any initial tests higher in consolidation beneath here.

However, longer-term charts are improving, suggesting the current multi-month consolidation within 1.887% - 3.024% is a continuation pattern of the rise from the -0.908% contract low of March 2020.

Following extended cautious trade, a close above 3.024% will confirm a multi-month period of rising yields, as prices continue to correct the 1981 bear trend.