2 Dec 2014
December Bund futures charts a key day reversal – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that bund futures have charted a key day reversal as it fails to maintain the break at 52.66/70, the top of its 20 year channel.
Key Quotes
“Bund futures have charted a key day reversal hot on the heels of failing to maintain a break of the top of its 20 year channel at 52.66/70. We also note the diverging RSI, all of these factors are negative and if not already done so we would lighten longs and tighten stops to the uptrend for the remainder.”
“Key short term support is the 2014 uptrend at 151.61. While this holds the upmove is intact. Above 153.01 lies 154.05 TD resistance and we have a point and figure target of 154.80/90, this is on the daily and weekly charts.”
“Dips lower should remain well supported by the 151.61/150.94 uptrend line and November 19 low. Uptrend support is reinforced by the 55 day ma at 150.66 and only a close below this latter level would confirm the end of the bull run.”
Key Quotes
“Bund futures have charted a key day reversal hot on the heels of failing to maintain a break of the top of its 20 year channel at 52.66/70. We also note the diverging RSI, all of these factors are negative and if not already done so we would lighten longs and tighten stops to the uptrend for the remainder.”
“Key short term support is the 2014 uptrend at 151.61. While this holds the upmove is intact. Above 153.01 lies 154.05 TD resistance and we have a point and figure target of 154.80/90, this is on the daily and weekly charts.”
“Dips lower should remain well supported by the 151.61/150.94 uptrend line and November 19 low. Uptrend support is reinforced by the 55 day ma at 150.66 and only a close below this latter level would confirm the end of the bull run.”