Technical Forecast for CGB (Ten-Year Government of Canada Bond)
Ten-Year Government of Canada Bond unable to sustain a break above 131.70/71. We have recovered from the short term oversold stochastic now & with the daily chart outlook bearish we could continue lower this week. Below 131.40 is more negative. We have support in the 131.02/130.95 band but be ready to go with a break lower to target 130.65/60.
Resistance at 131.70/76 should hold the topside again but a break sees a gap to fill at 131.96 for a selling opportunity with stops on shorts above 132.10.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.