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15 Jan 2015
March Bund futures approaching top of the channel at 157.88 – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, shares that bunds are approaching the top of the channel at 157.88, anticipating it to hold the topside.
Key Quotes
“Bund futures are approaching the point and figure target at 157.80, and the top of the channel at 157.88 and we would look for this to hold the topside. Above here we have an additional target of 158.40/45, This is a Fibonacci extension.”
“Initial support lies at 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).”
“Failure at 155.45 should be enough for a slide back to the 154.33 2014- 2015 uptrend – a close below here and below the 153.63 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 157.88 and we would look for this to hold the topside. Above here we have an additional target of 158.40/45, This is a Fibonacci extension.”
“Initial support lies at 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).”
“Failure at 155.45 should be enough for a slide back to the 154.33 2014- 2015 uptrend – a close below here and below the 153.63 55 day ma will be needed to negate the long term bull move.”