11 Feb 2015
Bunds to remain supported by the minor channel at 157.71 – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that the base of the short-term channel at 157.71 will hold the downside for bunds.
Key Quotes
“Bund futures will remain offered very near term while trading below the 159.19 near term pivot (recent high was 159.54).”
“The market is easing slowly back from the top of its 7 year channel – this now lies at 159.96 for February and the top of its short term channel is at 160.52.”
“Initial support lies at 157.83 then 157.71 the base of a short term channel. We suspect that this will hold the downside and would be tempted back into longs at this stage.”
“Key support remains the 155.88/80 2014-2015 uptrend and 55 day ma – a close below here will be needed to negate the long term bull move.”
“Above 160.52 lie the point and figure targets on the 60 and 240 minute charts at 163.40/80 and a Fibonacci extension at 163.87. The point and figure target on the daily lies at 167.00.”
Key Quotes
“Bund futures will remain offered very near term while trading below the 159.19 near term pivot (recent high was 159.54).”
“The market is easing slowly back from the top of its 7 year channel – this now lies at 159.96 for February and the top of its short term channel is at 160.52.”
“Initial support lies at 157.83 then 157.71 the base of a short term channel. We suspect that this will hold the downside and would be tempted back into longs at this stage.”
“Key support remains the 155.88/80 2014-2015 uptrend and 55 day ma – a close below here will be needed to negate the long term bull move.”
“Above 160.52 lie the point and figure targets on the 60 and 240 minute charts at 163.40/80 and a Fibonacci extension at 163.87. The point and figure target on the daily lies at 167.00.”