29 Jan 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 short-term and might see profit taking as the price approaches the top of the 7 year channel at 159.53.
Key Quotes
“Bund futures remain bid (yesterdays price action was an outside day to the topside) and within my target zone and we are alert to the idea of profit taking. The target zone is the top of two channels – its 13 month channel at 159.17 and its 7 year channel at 159.53.”
“Above here we do not have particularly good targets – we only have psychological resistance at 160.00 then Fibonacci extensions – 163.87/164.68, 167.69/168.00. The only point and figure target I have is 167.00.”
“Initial support lies at 157.83 then 156.00 last weeks spike low – key support remains the 155.03/154.80 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 remain bid (yesterdays price action was an outside day to the topside) and within my target zone and we are alert to the idea of profit taking. The target zone is the top of two channels – its 13 month channel at 159.17 and its 7 year channel at 159.53.”
“Above here we do not have particularly good targets – we only have psychological resistance at 160.00 then Fibonacci extensions – 163.87/164.68, 167.69/168.00. The only point and figure target I have is 167.00.”
“Initial support lies at 157.83 then 156.00 last weeks spike low – key support remains the 155.03/154.80 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”