Bund Lower And Testing November Lows
Jason Sen | Dec 05, 2013 05:24AM ET
Bund continued lower to test November lows and Fibonacci support at 140.56/53 which held the downside for most of the afternoon as expected but eventually we broke lower in the evening. A break of yesterday's low at 140.26 targets very good support at 140.15 and being oversold short term a good chance of a low for the day. Exit shorts and try longs with stops below 139.90. A break below 139.80 then adds pressure and could target 139.55, possibly 139.45 which should hold the downside.
Immediate resistance at 140.55/65 could hold a move higher but above 140.70 is more positive and targets 140.90/95 for a selling opportunity with stops above 141.10.
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.
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