CGB: Second Selling Opportunity
Jason Sen | Mar 31, 2014 07:26AM ET
Ten-Year Government of Canada Bond retested strong resistance at 130.40/43 for a second selling opportunity and topped exactly here. Again this trade worked perfectly as we sold off towards support at 129.99/96 which was expected to hold the downside. We bottomed almost exactly here at 130.01 and can use 130.01/129.96 as a buying opportunity again today. However, longs need stops below 129.90 for a move towards 129.81 then support at 129.72/70 with a good chance of a low for the day.
Above 130.21/24 is more positive with a chance to retest 130.40/43. There is a greater chance of a break higher today so any shorts need stops above 130.50 for a move towards 130.64/68 then 130.80.
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