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26 Feb 2015
Bunds breaking higher from range, targeting 159.96 – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that bund futures have continued to recover off the 158.23/18 support, and are now targeting 159.96 levels.
Key Quotes
“Bund futures continue to recover off the 158.23/18 support, this has held over the past 2 weeks and while above here an upside bias will remain entrenched.”
“The market is breaking higher from its158.18- 159.54 range and above the 159.54 we look for a move to the top of its 7 year channel at 159.96.”
“Above the 7 year channel at 159.96 we have 160.90 – the measurement higher of the range 159.45-158.18.”
“Only a close below 158.18 would alleviate upside pressure and act as the break down point to key support, which remains 157.06/156.63 the 2014-2015 uptrend and 55 day ma. A close below here will be needed to negate the long term bull move (this is not favoured at this stage).”
“Shorter term (1-3 weeks): breaking higher from range – target 159.96 then 160.90.”
Key Quotes
“Bund futures continue to recover off the 158.23/18 support, this has held over the past 2 weeks and while above here an upside bias will remain entrenched.”
“The market is breaking higher from its158.18- 159.54 range and above the 159.54 we look for a move to the top of its 7 year channel at 159.96.”
“Above the 7 year channel at 159.96 we have 160.90 – the measurement higher of the range 159.45-158.18.”
“Only a close below 158.18 would alleviate upside pressure and act as the break down point to key support, which remains 157.06/156.63 the 2014-2015 uptrend and 55 day ma. A close below here will be needed to negate the long term bull move (this is not favoured at this stage).”
“Shorter term (1-3 weeks): breaking higher from range – target 159.96 then 160.90.”