Bunds: Selling Opportunity With Stops Above 142.10
CommodityOnline | Dec 02, 2013 08:19AM ET
Bund beat 141.70 towards our target & resistance at 141.95/00 but topped at 141.88. Getting overbought short term so this offers a selling opportunity with stops above 142.10. A test of October highs at 142.30/32 could then be seen with further strong resistance at the 200 day moving average at 142.50.
Immediate support is 141.50 & held the downside as predicted, but below here today is more negative & can target 141.35/32.
Below here we meet 141.17/14 but if we continue lower look for a buying opportunity at 141.02/98. Stops on longs below the 140.84 low last week.
Weekly outlook: September highs, Fibonacci & 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.
By Jason Sen
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