Bund: Buy Opportunity At 141.02/98
Jason Sen | Dec 03, 2013 09:03AM ET
Bund overbought and dived towards our buying opportunity at 141.02/98. We bottomed almost exactly here at 141.05, and can try longs here again today, with stops below last week's low at 140.84. Just be aware of the 100 day moving average at 140.75 as a close below here adds pressure in to the end of the week. Next support at November lows and Fibonacci support at 140.56/53 should see a low for the day at this stage.
Immediate resistance at 141.22, but above here may reach 141.37 then 141.52/57 for a selling opportunity. Stops on shorts above yesterday's high at 141.64.
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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