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18 Mar 2015
Bunds stays near-term corrective – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that bunds remain corrective in the near-term, expecting 157.15 to hold the downside pullback.
Key Quotes
“The Bund June contract is downside corrective very near term. The intraday Elliott wave is suggesting that the pullback should halt ahead of 157.15 and then recover. This will leave focus back on the top of the channel at currently 159.79. The previous high (on the March contract) was 160.00 and the top of the 7 year channel lies at 160.39.”
“Referring to the equalised daily continuation chart. The 2 major supports on this chart are the 55 day ma at 156.20 and the 2014-2015 uptrend at 155.50. These are the major supports which must hold for the bull trend to remain intact.”
Key Quotes
“The Bund June contract is downside corrective very near term. The intraday Elliott wave is suggesting that the pullback should halt ahead of 157.15 and then recover. This will leave focus back on the top of the channel at currently 159.79. The previous high (on the March contract) was 160.00 and the top of the 7 year channel lies at 160.39.”
“Referring to the equalised daily continuation chart. The 2 major supports on this chart are the 55 day ma at 156.20 and the 2014-2015 uptrend at 155.50. These are the major supports which must hold for the bull trend to remain intact.”