Bund Becoming Overbought
Jason Sen | May 28, 2014 03:22AM ET
Bund spent last week consolidating 2 months of gains as we became overbought. Fibonacci support at 145.75/70 held for a buying opportunity. Today below 146.12 keeps the market in a range for 145.95 then good support at 145.75/70. A low for the day possible for a buying opportunity again to try longs with stops below 145.60. A break lower however targets 145.45/40 which should hold the downside if tested, but below here a buying opportunity at 145.15/10. A low for the week could be expected here if tested.
Strong resistance at 146.24/25 did it's job in the last 2 days of last week and again yesterday. Again today we can try shorts with stops above 146.36. A break higher is then likely to target 146.50/54 and 146.65 before May highs at 146.75.
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