CGB Looking Overbought
Jason Sen | Aug 14, 2014 07:21AM ET
Ten-Year Government of Canada Bond bottomed just above the next downside target of 137.30 and shot straight back up to 138.05/10 resistance for a selling opportunity with stops above 138.20. So far we topped exactly at 138.05/10 but on a break higher look for a move towards last week's high at 138.47/53. We are overbought so we should struggle here today but above here can target 138.65/68. If we continue higher we could reach 138.90/93.
Failure to beat 138.05/10 targets 137.78/76. If we continue lower good support at 137.55 should hold the downside at this stage. However a break lower keeps the market under pressure and targets 137.32/30. If we continue lower look for good support at 137.10/00 for a buying opportunity this week with stops below 136.90. Next downside target is 136.65/60.
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