Back
4 Mar 2015
Bunds correcting lower – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, shares the technical setup for bunds, expecting the 158.45/18 support to hold as the market corrects lower.
Key Quotes
“Bund futures continue to stall at the top of the 7 year channel at 160.39 for March.”
“We note the TD perfected set up on the 240 minute chart and the divergence of the daily RSI and we are seeing some slippage very near term. Dips should find near by support circa 158.45/18.”
“Only a close below 158.18 would alleviate upside pressure and act as the break down point to key support, which remains 157.50/156.92 the 2014-2015 uptrend and 55 day ma. This is expected to hold.”
“While 160 has held the initial test, above here the top of the 7 year channel now lies at 160.39.”
“Above 160.39 we do have an additional point and figure target of 163.40/80 (from the 60 and 240 minute charts).”
Key Quotes
“Bund futures continue to stall at the top of the 7 year channel at 160.39 for March.”
“We note the TD perfected set up on the 240 minute chart and the divergence of the daily RSI and we are seeing some slippage very near term. Dips should find near by support circa 158.45/18.”
“Only a close below 158.18 would alleviate upside pressure and act as the break down point to key support, which remains 157.50/156.92 the 2014-2015 uptrend and 55 day ma. This is expected to hold.”
“While 160 has held the initial test, above here the top of the 7 year channel now lies at 160.39.”
“Above 160.39 we do have an additional point and figure target of 163.40/80 (from the 60 and 240 minute charts).”