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4 Feb 2015
Bunds to consolidate – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes technicals suggests that bunds might consolidate for some time, with support at 157.83 and the psychological level at 160.00 serving as resistance.
Key Quotes
“Bund futures have reached the top of its 7 year channel – this now lies at 159.96 for February and its short term channel at 159.91. There is a lot of divergence of the daily RSI and we would allow for some consolidation.”
“Above psychological resistance at 160.00 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 157.10 the base of a minor channel."
"Key support remains the 155.41/155.32 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 have reached the top of its 7 year channel – this now lies at 159.96 for February and its short term channel at 159.91. There is a lot of divergence of the daily RSI and we would allow for some consolidation.”
“Above psychological resistance at 160.00 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 157.10 the base of a minor channel."
"Key support remains the 155.41/155.32 2014-2015 uptrend and 55 day ma – a close below here will be needed to negate the long term bull move.”