CGB: Good Support At 137.57/54
Jason Sen | Aug 13, 2014 06:47AM ET
Ten-Year Government of Canada Bond topped exactly at 138.05/10 resistance to hit good support at 137.57/54 for a buying opportunity, with stops below 137.40. So far we have bottomed at 137.44 but will need to recover 137.60 for a positive outlook today and target 137.75/80. If we continue higher look for a selling opportunity at 138.05/10 resistance but any shorts need stops above 138.20 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 137.55 keeps the market under pressure and a break below 137.40 targets 137.30. If we continue lower look for good support at 137.10/00 for a buying opportunity with stops below 136.90. Next downside target is 136.65/60.
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