Bunds: More Negative This Week
Jason Sen | Nov 05, 2013 03:18AM ET
Bund outlook more negative this week and below yesterday's low of 141.83 sees a test of support at 141.50 today. Watch for a bounce from here but a break below 141.40 cannot be ruled out and could target 141.22 on the way to Fibonacci and 100 day moving average support at 141.00/95. Look for a low for the day and a buying opportunity.
Above 141.90/95 however is more positive for a test of last week's high at 142.32. This could hold the topside but a break higher targets strong resistance at 142.60/70. Exit longs and try shorts with stops above 142.96.
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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