Bobl: Overbought Short Term
Jason Sen | May 29, 2014 03:42AM ET
Bobl held January highs and resistance at 126.82/84 in the morning then broke higher in the afternoon but not quite as far as 126.98/99. Prices topped at 126.92 and above here today we should hit the 126.98/99 target. A high for the day certainly possible as we become overbought short term. However on a break higher we could target 127.09/12 before February highs for this year at 127.29. Just be aware that a daily close above 127.09/12 keeps the outlook positive in to the end of the week.
Immediate support is 126.84/82 but below here risks a slide to 126.73/72 which should hold the downside. However if prices continue lower look for a buying opportunity at 126.61/60, with stops below 126.54.
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