Bund: Good Buying Opportunity This Week
Jason Sen | Dec 04, 2013 06:19AM ET
Bund hit our buying opportunity at 141.02/98 to try longs and bottomed almost exactly here at 140.94. We bounced to 141.37 for a nice profit and 141.37/42 is where we should struggle again today. However above here 141.55/60 offers a selling opportunity with stops above 141.80.
Immediate support is 140.98/94 but a break lower today targets the 100 day moving average at 140.75/70. The outlook is turning more negative and 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.
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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