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3 Dec 2014
Attention reverts to uptrend support at 151.69 for December Bund futures – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank sees a upmove ahead for the Bund Futures if it successfully holds the 2014 uptrend support at 151.69.
Key Quotes
“Bund futures held relatively steady following their recent key day reversal. This is conjunction with failing to maintain a break of the top of its 20 year channel at 152.66/70 is worrying. We also note the diverging RSI, all of these factors are negative and if not already done so we would lighten longs and tighten stops to the uptrend for the remainder.”
“Key short term support is the 2014 uptrend at 151.69. While this holds the upmove is intact. Above 153.01 lies 153.17/24 then 154.03 TD resistance and we have a point and figure target of 154.80/90, this is on the daily and weekly charts.”
“Below the 151.69 uptrend will trigger losses to the 150.94 November 19 low. Uptrend support is reinforced by the 55 day ma at 150.74 and only a close below this latter level would confirm the end of the bull run.”
Key Quotes
“Bund futures held relatively steady following their recent key day reversal. This is conjunction with failing to maintain a break of the top of its 20 year channel at 152.66/70 is worrying. We also note the diverging RSI, all of these factors are negative and if not already done so we would lighten longs and tighten stops to the uptrend for the remainder.”
“Key short term support is the 2014 uptrend at 151.69. While this holds the upmove is intact. Above 153.01 lies 153.17/24 then 154.03 TD resistance and we have a point and figure target of 154.80/90, this is on the daily and weekly charts.”
“Below the 151.69 uptrend will trigger losses to the 150.94 November 19 low. Uptrend support is reinforced by the 55 day ma at 150.74 and only a close below this latter level would confirm the end of the bull run.”