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15 Dec 2014
March Bund futures target 154.80/90, 155.15 – Commerzbank
FXStreet (Barcelona) - According to Karen Jones, Head of Technical Analysis at Commerzbank, the strong rebound off the uptrend reasserts upside pressure for March Bund futures which targets the resistance at 154.80/90.
Key Quotes
“Bund futures have reached 154.80/90, this is a point and figure target and TD resistance and we also have a Fibonacci extension at 155.15 and we suspect we may struggle here. Slippages should find initial support at 153.74, the 28 the November high. Key support remains the uptrend and 55 day ma. The trendline today is located at 152.96.”
“The 55 day ma at 152.08 offers additional support as this has under pinned the entire move up this year and in order to confirm that the market has topped we will need to see a close below here.”
Key Quotes
“Bund futures have reached 154.80/90, this is a point and figure target and TD resistance and we also have a Fibonacci extension at 155.15 and we suspect we may struggle here. Slippages should find initial support at 153.74, the 28 the November high. Key support remains the uptrend and 55 day ma. The trendline today is located at 152.96.”
“The 55 day ma at 152.08 offers additional support as this has under pinned the entire move up this year and in order to confirm that the market has topped we will need to see a close below here.”