4 Dec 2014
Attention reverts to uptrend support at 151.77 for December Bund futures – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that the attention is towards the uptrend support at 151.77 level for the December Bund futures, with possibility of a upmove if this support holds intact.
Key Quotes
“Bund futures charted an inside day 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 we would tighten stops to the uptrend for the remainder.”
“Key short term support is the 2014 uptrend at 151.77. 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 151.77 uptrend will trigger losses to the 150.94 November 19 low. Uptrend support is reinforced by the 55 day ma at 150.82 and only a close below this latter level would confirm the end of the bull run.”
Key Quotes
“Bund futures charted an inside day 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 we would tighten stops to the uptrend for the remainder.”
“Key short term support is the 2014 uptrend at 151.77. 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 151.77 uptrend will trigger losses to the 150.94 November 19 low. Uptrend support is reinforced by the 55 day ma at 150.82 and only a close below this latter level would confirm the end of the bull run.”