2 Feb 2015
Bunds reach the top of its 7 year channel at 159.53 – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, gives the technical outlook for Bund Futures, noting that bunds remains bid above 156.00 in the short-term.
Key Quotes
“Bund futures have reached the top of its 7 year channel at 159.53 and short term channel at 159.67. 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 156.85 the base of a minor channel.”
“Key support remains the 155.26/155.006 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 159.67. 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 156.85 the base of a minor channel.”
“Key support remains the 155.26/155.006 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”