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26 Jan 2015
Bund futures approaching top of 7 year channel at 159.53 – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, comments that bund futures see a massive acceleration and are approaching top of its 7 year channel at 159.53, above which lies the psychological resistance at 160.00.
Key Quotes
“Bund futures are approaching the top of two channels its 13 month channel at 158.94 and its 7 year channel at 159.53 and we are alert to the idea of profit taking in this vicinity. Above here we do not have particularly good targets – we only have psychological resistance at 160.00 then Fibonacci extensions – 163.87/164.68, 167.69/168.00. The only point and figure target I have is 167.00.”
“Initial support lies at 156.00 yesterdays spike low – key support remains the 154.80/43 2014-2015 uptrend and 55 day ma – a close below here will be needed to negate the long term bull move.”
“Shorter term (1-3 weeks): holding initial support at 156.13/10.”
“Medium term (1-3 months): Uptrend and 55 day ma maintains bull trend.”
Key Quotes
“Bund futures are approaching the top of two channels its 13 month channel at 158.94 and its 7 year channel at 159.53 and we are alert to the idea of profit taking in this vicinity. Above here we do not have particularly good targets – we only have psychological resistance at 160.00 then Fibonacci extensions – 163.87/164.68, 167.69/168.00. The only point and figure target I have is 167.00.”
“Initial support lies at 156.00 yesterdays spike low – key support remains the 154.80/43 2014-2015 uptrend and 55 day ma – a close below here will be needed to negate the long term bull move.”
“Shorter term (1-3 weeks): holding initial support at 156.13/10.”
“Medium term (1-3 months): Uptrend and 55 day ma maintains bull trend.”