26 Nov 2014
December Bund futures approaching major resistance at 152.49/66 – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, sees Bund futures approaching the 152.49/66 key resistance level after it broke the previous high at 152.08.
Key Quotes
“Bund futures have eroded last week’s high at 152.08 and the focus is on the 152.49/70 key resistance area which also is our target zone. It represents the recent high and the top of the 20 year channel.”
“We would expect this to hold the initial test. We notice the 13 count on the 60 minute chart and we notice the 13 count on the daily chart (we have not seen one of these since the end of August). What does this mean? We should see the 152.49/70 zone hold again.”
“Key short term support is last week’s low at 150.94 and the 2014 uptrend at 151.31. While this holds the upmove is intact. Above 152.70 we have Elliot wave counts to 153.05 then TD resistance at 153.24.”
Key Quotes
“Bund futures have eroded last week’s high at 152.08 and the focus is on the 152.49/70 key resistance area which also is our target zone. It represents the recent high and the top of the 20 year channel.”
“We would expect this to hold the initial test. We notice the 13 count on the 60 minute chart and we notice the 13 count on the daily chart (we have not seen one of these since the end of August). What does this mean? We should see the 152.49/70 zone hold again.”
“Key short term support is last week’s low at 150.94 and the 2014 uptrend at 151.31. While this holds the upmove is intact. Above 152.70 we have Elliot wave counts to 153.05 then TD resistance at 153.24.”