Bund: Overbought Daily Stochastics
Jason Sen | Nov 07, 2013 02:19AM ET
Bund sideways as we unwind an overbought stochastic on the daily chart. Fibonacci and 100 day moving average support at 141.97/87 is where we 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 held the topside as expected and could do so again today 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.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.