Bund: Look For Buying Opportunities
Jason Sen | Nov 06, 2013 02:36AM ET
Bund outlook more negative this week and as expected headed lower to our target of 141.22. We continued lower but held just above Fibonacci and 100 day moving average support at 141.97/87. Look for a low for the day and a buying opportunity, with stops below 141.70. A break lower targets support at 140.58/56 which should hold the downside but below here look for a buying opportunity at 140.15 and a low for the week.
Immediate resistance at 141.46/49 could hold a move higher but above 141.70 look for 141.97/07.
Weekly outlook: Having failed below the 200 day moving average at 142.63 the outlook this week is more negative and we could test September highs, Fibonacci and 100 day moving average support at 141.00/140.90. A break lower is a further sell signal and could target 140.15. Only a close above 142.65 would be seen as a positive now.
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