Bund: Don't Fight The BullTrend
Jason Sen | May 30, 2014 01:59AM ET
The Bund is holding below its all time highs at 147.20. The close below 146.75 adds pressure for today and could test support at 146.57/55. A bounce from here is certainly possible on the first test at least, but below 146.40 keeps the market under pressure for a buying opportunity at 146.27/22. A low for the day is expected but longs need stops below trend line support at 146.00.
It is not wise to fight the bull trend and above 146.80 could see a retest of the high this week at 147.08/12 before seeing all time highs at 147.20. This level speaks for itself. A weekly close above last night's close would open the door to further gains next week with the first target being 147.36/39 then longer term trend line resistance at 147.49/56. Just beware of levels above 147.64/67 then 147.75 and 147.92/97.
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