3 Feb 2015
Bunds bid above 156.00 – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that Bunds remain bid above 156.00 in the shorter-term, currently approaching the top of its 7 year channel at 159.93.
Key Quotes
“Bund futures have reached the top of its 7 year channel at 159.53 and short term channel at 159.79. Above here we do not have particularly good targets – we only have psychological resistance at 160.00 then point and figure targets on the 60 and 240 minute charts at 163.40/80 and a Fibonacci extension at 163.87. The point and figure target on the daily lies at 167.00."
“Initial support lies at 157.83 then 156.97 the base of a minor channel."
"Key support remains the 155.34/155.19 2014-2015 uptrend and 55 day ma – a close below here will be needed to negate the long term bull move.”
“Shorter term (1-3 weeks): Bid above 156.00”
“Medium term (1-3 months): Uptrend and 55 day ma maintains bull trend, at top of two channels.”
Key Quotes
“Bund futures have reached the top of its 7 year channel at 159.53 and short term channel at 159.79. Above here we do not have particularly good targets – we only have psychological resistance at 160.00 then point and figure targets on the 60 and 240 minute charts at 163.40/80 and a Fibonacci extension at 163.87. The point and figure target on the daily lies at 167.00."
“Initial support lies at 157.83 then 156.97 the base of a minor channel."
"Key support remains the 155.34/155.19 2014-2015 uptrend and 55 day ma – a close below here will be needed to negate the long term bull move.”
“Shorter term (1-3 weeks): Bid above 156.00”
“Medium term (1-3 months): Uptrend and 55 day ma maintains bull trend, at top of two channels.”