20 Feb 2015
Bunds stalls at the 159.54 resistance – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, shares the technical outlook for Bunds, expecting the pair to remain bid above 156.65/156.33.
Key Quotes
“Bund futures have again stalled ahead of the recent high at 159.54, and the market has now started to erode the base of its short term channel (we have yet to see a close below here), which today is located at 158.56 This together with the low on Wednesday at 158.23 is regarded as the break down point to key support, which remains 156.65/156.33, the 2014-2015 uptrend and 55 day ma. A close below here will be needed to negate the long term bull move (this is not favoured at this stage).”
“Above the 159.54 recent high lies the top of its 7 year channel – this is now located at 159.96. Above the 7 year channel at 159.96 we have the top of its short term channel is at 161.37.”
“Above 161.37 lie the point and figure targets on the 60 and 240 minute charts at 163.40/80 and a Fibonacci extension at 163.87.”
Key Quotes
“Bund futures have again stalled ahead of the recent high at 159.54, and the market has now started to erode the base of its short term channel (we have yet to see a close below here), which today is located at 158.56 This together with the low on Wednesday at 158.23 is regarded as the break down point to key support, which remains 156.65/156.33, the 2014-2015 uptrend and 55 day ma. A close below here will be needed to negate the long term bull move (this is not favoured at this stage).”
“Above the 159.54 recent high lies the top of its 7 year channel – this is now located at 159.96. Above the 7 year channel at 159.96 we have the top of its short term channel is at 161.37.”
“Above 161.37 lie the point and figure targets on the 60 and 240 minute charts at 163.40/80 and a Fibonacci extension at 163.87.”