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December Bund futures bounce off the 2014 uptrend and near 152.08 – Commerzbank

FXStreet (Barcelona) - Axel Rudolph, Analyst at Commerzbank notes that Bund retested the 2014 uptrend line last week only to bounce off later.

Key Quotes

“Last week Bund futures retested and then strongly bounced off the 2014 uptrend line, now at 151.17. They are once again heading towards the 152.08 current November high.”

“It is the last defence for the 152.49/70 key resistance area which also is our target zone. It represents the recent high and the top of the 20 year channel.”

“Only unexpected failure at last week’s low at 150.94 would put the 55 day moving average and the late October low at 150.23/06 back on the map. While this support zone holds we will remain bullish. Only a daily chart close below the 150.06 late October low would confirm the end of the bull run.”

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