Bund Getting Overbought Short Term
Jason Sen | Dec 03, 2013 01:18AM ET
Bund beat 141.70 towards our target and resistance at 141.95/00 but topped at 141.88. Getting overbought short term so this offers a selling opportunity with stops above 142.10. A test of October highs at 142.30/32 could then be seen with further strong resistance at the 200 day moving average at 142.50.
Immediate support is 141.50 and held the downside as predicted, but below here today is more negative and can target 141.35/32. Below here we meet 141.17/14 but if we continue lower look for a buying opportunity at 141.02/98. Stops on longs below the 140.84 low last week.
Weekly outlook: September highs, Fibonacci and 100 DMA support at 141.00/140.90 a good buying opportunity this week but below 140.50 keeps the market under pressure for 140.15/10. Resistance at October highs at 142.32 then the 200 day moving average at 142.55/60.
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