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2 Mar 2015
Bunds stalls at the top of the 7 year channel at 159.96 – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, gives the technical outlook for Bund futures, noting that the RSI has failed to confirm the new high, with the rally halting at the top of the 7 year channel at 159.96.
Key Quotes
“Bund futures have rallied to and stalled at the top of the 7 year channel at 159.96. This resistance line moves to 160.39 for March (from today). While this has held the initial test, the previous range does offer an upside measured target to 160.90.”
“The market remains immediately bid above the 158.23/18 support.”
“We note the TD perfected set up on the 240 minute chart and the divergence of the daily RSI and would allow for some slippage very near term.”
“Only a close below 158.18 would alleviate upside pressure and act as the break down point to key support, which remains 157.19/156.71 the 2014-2015 uptrend and 55 day ma.”
“Above 160.90 we do have an additional point and figure target of 163.40/80 (from the 60 and 240 minute charts).”
Key Quotes
“Bund futures have rallied to and stalled at the top of the 7 year channel at 159.96. This resistance line moves to 160.39 for March (from today). While this has held the initial test, the previous range does offer an upside measured target to 160.90.”
“The market remains immediately bid above the 158.23/18 support.”
“We note the TD perfected set up on the 240 minute chart and the divergence of the daily RSI and would allow for some slippage very near term.”
“Only a close below 158.18 would alleviate upside pressure and act as the break down point to key support, which remains 157.19/156.71 the 2014-2015 uptrend and 55 day ma.”
“Above 160.90 we do have an additional point and figure target of 163.40/80 (from the 60 and 240 minute charts).”