8 Dec 2014
Uptrend support under the spotlight for March Bund futures – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that the uptrend support at 152.66 is under the spotlight for the March Bund futures, while observing that near term risks are shifting to the downside.
Key Quotes
“Bund futures last week came under pressure and by the end of the week we saw the 2014 uptrend at 152.58 breached (only minor). Today this uptrend is located at 151.66 and a close below here is needed to alleviate immediate upside pressure.”
“The 55 day ma at 151.70 has under pinned the entire move up this year and in order to confirm that the market has topped we will need to see a close below here. Given that the market recently went to the top of a 20 year channel and failed to make much impression (152.87), near term risks are shifting to the downside. Intraday rallies should find good nearby resistance at 153.33/37 ahead of the 153.86 recent high.”
Key Quotes
“Bund futures last week came under pressure and by the end of the week we saw the 2014 uptrend at 152.58 breached (only minor). Today this uptrend is located at 151.66 and a close below here is needed to alleviate immediate upside pressure.”
“The 55 day ma at 151.70 has under pinned the entire move up this year and in order to confirm that the market has topped we will need to see a close below here. Given that the market recently went to the top of a 20 year channel and failed to make much impression (152.87), near term risks are shifting to the downside. Intraday rallies should find good nearby resistance at 153.33/37 ahead of the 153.86 recent high.”