13 Jan 2015
Bunds might make another attempt towards 157.26 – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, believes that Bunds might make another upside attempt towards 157.26, currently recovering off the support at 156.13/08.
Key Quotes
“Bund futures have stabilised at and are recovering off nearby support offered at 156.13/08. This suggests another upside attempt at the 157.26 recent high and the top of the channel and point and figure target at 157.73/80, we would look for this to hold the topside. In fact we note the 13 count on the 240 minute chart, which also suggests upside is now limited.”
“Failure at 156.13/06 will trigger losses to the 155.44/45 support (38.2% retracement up from December and the mid December high). Failure at 155.45 should be enough for a slide back to the 154.18 2014- 2015 uptrend – a close below here and below the 153.42 55 day ma will be needed to negate the long term bull move.”
Key Quotes
“Bund futures have stabilised at and are recovering off nearby support offered at 156.13/08. This suggests another upside attempt at the 157.26 recent high and the top of the channel and point and figure target at 157.73/80, we would look for this to hold the topside. In fact we note the 13 count on the 240 minute chart, which also suggests upside is now limited.”
“Failure at 156.13/06 will trigger losses to the 155.44/45 support (38.2% retracement up from December and the mid December high). Failure at 155.45 should be enough for a slide back to the 154.18 2014- 2015 uptrend – a close below here and below the 153.42 55 day ma will be needed to negate the long term bull move.”