9 Mar 2015
Bunds key support at 156.00/155.80 looks exposed – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that attention has now reverted to the key near-term support at 156.00/155.80 for the Bund June contract.
Key Quotes
“The Bund June contract charted an inside day on Friday, but close near the days lows and this suggests key support at 156.00/155.80 is exposed. Now the contract has rolled over we once again refer to the equalised daily continuation chart. The 2 major supports on this chart are the 55 day ma at 155.55 and the 2014-2015 uptrend at 154.96.These are the major supports which must hold for the bull trend to remain intact.”
“Initial resistance lies 157.10/36 ahead of the 157.77 recent high.”
Key Quotes
“The Bund June contract charted an inside day on Friday, but close near the days lows and this suggests key support at 156.00/155.80 is exposed. Now the contract has rolled over we once again refer to the equalised daily continuation chart. The 2 major supports on this chart are the 55 day ma at 155.55 and the 2014-2015 uptrend at 154.96.These are the major supports which must hold for the bull trend to remain intact.”
“Initial resistance lies 157.10/36 ahead of the 157.77 recent high.”