19 Jan 2015
Bund stalls at the top of its channel at 158.03 – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that Bunds have stalled at the top of its channel at 158.03, but only a close below the support at 157.01 region would alleviate the upside momentum.
Key Quotes
“Bund futures have rallied to the top of its 2014-2015 channel – this is located at 158.03 today and so far stalled there – ideally we would like to see failure here but will need a close below 157.01 at the very minimum to alleviate immediate upside pressure. Above the market is the top of the channel at 158.03 then we have an additional target of 158.40/62, This is a Fibonacci extension and the top of a second channel.”
“Initial support lies at 157.01 then 156.13/10 and failure here is needed to trigger losses to the 155.48 support (the mid December high) en route to the 154.40 2014-2015 uptrend – a close below here and below the 153.87 55 day ma will be needed to negate the long term bull move.”
Key Quotes
“Bund futures have rallied to the top of its 2014-2015 channel – this is located at 158.03 today and so far stalled there – ideally we would like to see failure here but will need a close below 157.01 at the very minimum to alleviate immediate upside pressure. Above the market is the top of the channel at 158.03 then we have an additional target of 158.40/62, This is a Fibonacci extension and the top of a second channel.”
“Initial support lies at 157.01 then 156.13/10 and failure here is needed to trigger losses to the 155.48 support (the mid December high) en route to the 154.40 2014-2015 uptrend – a close below here and below the 153.87 55 day ma will be needed to negate the long term bull move.”