16 Jan 2015
March Bund futures approaching top of the channel at 157.96 – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that bunds are approaching the top of the channel at 157.96 where some profit-taking might be seen.
Key Quotes
“Bund futures are approaching the point and figure target at 157.80, and the top of the channel at 157.98 and we are alert to the idea of profit taking in this vicinity. Above here we have an additional target of 158.40/46, This is a Fibonacci extension and the top of a second channel.”
“Initial support lies at 156.85 then 156.13/10 and while above here the market remains bid - failure here is needed to alleviate immediate upside pressure and trigger losses to the 155.45 support (the mid December high) en route to the 154.40 2014-2015 uptrend – a close below here and below the 153.75 55 day ma will be needed to negate the long term bull move.”
Key Quotes
“Bund futures are approaching the point and figure target at 157.80, and the top of the channel at 157.98 and we are alert to the idea of profit taking in this vicinity. Above here we have an additional target of 158.40/46, This is a Fibonacci extension and the top of a second channel.”
“Initial support lies at 156.85 then 156.13/10 and while above here the market remains bid - failure here is needed to alleviate immediate upside pressure and trigger losses to the 155.45 support (the mid December high) en route to the 154.40 2014-2015 uptrend – a close below here and below the 153.75 55 day ma will be needed to negate the long term bull move.”