Technical Forecast for Bund
Bund continued lower as predicted to good Fibonacci support at 141.65/60 & we looked for a low for the day, advising to exit shorts & try longs. We did bottom almost exactly here in fact at 141.67. The bounce hit resistance at 142.76/82 which did hold the topside as predicted but be ready to go with a break higher today for 143.00/04 possibly as far as 143.26/32 for a selling opportunity. Exit longs & try shorts with stops above 143.45 for the next target & resistance of the 200 day moving average at 143.55/60.
Immediate support is 142.69/66 so below here risks a slide to 142.25. Stops on longs below 142.15 as a break lower could test 141.82 before last week’s low at 141.67. Use a move here as a buying opportunity down to 141.60 with stops below 141.45.
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