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10 Dec 2014
Upside pressure seen for March Bund futures - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that the strong rebound off the uptrend has reasserted the upside pressure for the March Bund futures in the shorter term.
Key Quotes
“Bund futures have eroded the 153.86 contact high. The market remains underpinned by its uptrend and 55 day ma. The trendline today is located at 152.73. Given the robust rally this has introduced scope to 154.80/90 (TD resistance. Intraday RSI’s have yet to confirm the recent high and we may see some slippage back to circa 153.25.”
“The 55 day ma at 151.84 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.”
“Shorter term (1-3 weeks): Strong rebound off the uptrend reasserts upside pressure.”
“Medium term (1-3 months): Following the breach of trendline support we are going to revert to neutral for now.”
Key Quotes
“Bund futures have eroded the 153.86 contact high. The market remains underpinned by its uptrend and 55 day ma. The trendline today is located at 152.73. Given the robust rally this has introduced scope to 154.80/90 (TD resistance. Intraday RSI’s have yet to confirm the recent high and we may see some slippage back to circa 153.25.”
“The 55 day ma at 151.84 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.”
“Shorter term (1-3 weeks): Strong rebound off the uptrend reasserts upside pressure.”
“Medium term (1-3 months): Following the breach of trendline support we are going to revert to neutral for now.”