18 Feb 2015
Bunds sell-off leaves 158.32 exposed – Commerzbank
FXStreet (Barcelona) - Sharing the technical outlook for Bunds, Karen Jones, Head of Technical Analysis at Commerzbank, views that the recent sell-off has left the short-term channel at 158.32 exposed.
Key Quotes
“Bund futures have failed to maintain the break higher and remain cocooned below the recent high at 159.54, yesterdays sharp sell off leaves the market eyeing 158.32, the base of a short term channel. This is regarded as the break down point to key support, which remains 156.46/156.18, the 2014-2015 uptrend and 55 day ma – a close below here will be needed to negate the long term bull move.”
“Above the 159.54 recent high lies the top of its 7 year channel – this is now located at 159.96. Above the 7 year channel at 159.96 we have the top of its short term channel is at 161.01.”
“Above 161.01 lie the point and figure targets on the 60 and 240 minute charts at 163.40/80 and a Fibonacci extension at 163.87.”
“Shorter term (1-3 weeks): Bid above 156.18”
“Medium term (1-3 months): Uptrend and 55 day ma maintains bull trend, at top of two channels”
Key Quotes
“Bund futures have failed to maintain the break higher and remain cocooned below the recent high at 159.54, yesterdays sharp sell off leaves the market eyeing 158.32, the base of a short term channel. This is regarded as the break down point to key support, which remains 156.46/156.18, the 2014-2015 uptrend and 55 day ma – a close below here will be needed to negate the long term bull move.”
“Above the 159.54 recent high lies the top of its 7 year channel – this is now located at 159.96. Above the 7 year channel at 159.96 we have the top of its short term channel is at 161.01.”
“Above 161.01 lie the point and figure targets on the 60 and 240 minute charts at 163.40/80 and a Fibonacci extension at 163.87.”
“Shorter term (1-3 weeks): Bid above 156.18”
“Medium term (1-3 months): Uptrend and 55 day ma maintains bull trend, at top of two channels”