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6 Feb 2015
Bunds might see some near-term weakness – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, views bunds might see some near-term weakness as it eases back from the top of its 7 year channel at 159.96.
Key Quotes
“Bund futures is easing back from the top of its 7 year channel– this now lies at 159.96 for February and its short term channel at 160.15.”
“There is a lot of divergence of the daily RSI and we would allow for some further near term weakness.”
“Above 160.15 lie the point and figure targets on the 60 and 240 minute charts at 163.40/80 and a Fibonacci extension at 163.87. The point and figure target on the daily lies at 167.00.”
“Initial support lies at 157.83 then 157.34 the base of a minor channel.”
“Key support remains the 155.49/155.44 2014-2015 uptrend and 55 day ma – a close below here will be needed to negate the long term bull move.”
Key Quotes
“Bund futures is easing back from the top of its 7 year channel– this now lies at 159.96 for February and its short term channel at 160.15.”
“There is a lot of divergence of the daily RSI and we would allow for some further near term weakness.”
“Above 160.15 lie the point and figure targets on the 60 and 240 minute charts at 163.40/80 and a Fibonacci extension at 163.87. The point and figure target on the daily lies at 167.00.”
“Initial support lies at 157.83 then 157.34 the base of a minor channel.”
“Key support remains the 155.49/155.44 2014-2015 uptrend and 55 day ma – a close below here will be needed to negate the long term bull move.”