CGB: Shorts Need Stops
Jason Sen | Apr 30, 2014 08:40AM ET
Ten-Year Government of Canada Bond held the low last week of 130.16/12 as expected and recovered to close above 130.42/39. If we can hold this support and break above 130.58 we should target resistance at 130.73/75. Shorts need stops above 130.80 for a move towards 130.97/131.00 and a selling opportunity. Shorts need stops above March highs at 131.16 for a test of April highs at 131.24. If we continue higher this week we have a gap to fill at 131.62.
Below 130.40 is more negative for today and meets 130.32 then support at 130.16/12 once again. A good chance of a low for the day here once again, but shorts need stops below 130.06 for a move towards support at 129.90/89 for a buying opportunity.
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