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11 Mar 2015
Bunds: break higher paves way for 159.48 – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that the higher break of Bund June contract has shifted focus to the top of the channel at 159.48.
Key Quotes
“The Bund June contract has charted new highs and filled the rollover gap. This acceleration higher has attention focus on the top of the channel at currently 159.48. The previous high (on the March contract) was 160.00 and the top of the 7 year channel lies at 160.39.”
“It is interesting to note on the intraday Elliott wave count we do not have the move extending beyond 159.00.”
“Referring to the equalised daily continuation chart. The 2 major supports on this chart are the 55 day ma at 155.64 and the 2014-2015 uptrend at 155.11. These are the major supports which must hold for the bull trend to remain intact.”
Key Quotes
“The Bund June contract has charted new highs and filled the rollover gap. This acceleration higher has attention focus on the top of the channel at currently 159.48. The previous high (on the March contract) was 160.00 and the top of the 7 year channel lies at 160.39.”
“It is interesting to note on the intraday Elliott wave count we do not have the move extending beyond 159.00.”
“Referring to the equalised daily continuation chart. The 2 major supports on this chart are the 55 day ma at 155.64 and the 2014-2015 uptrend at 155.11. These are the major supports which must hold for the bull trend to remain intact.”