Bund sideways as we unwind an overbought stochastic on the daily chart. Fibonacci and 100 day moving average support at 141.97/87 is where we look for a low for the day and a buying opportunity, with stops below 141.70. A break lower targets support at 140.58/56 which should hold the downside but below here look for a buying opportunity at 140.15 and a low for the week.
Immediate resistance at 141.46/49 held the topside as expected and could do so again today but above 141.70 look for 141.97/07.
Weekly outlook: Having failed below the 200 day moving average at 142.63 the outlook this week is more negative and we could test September highs, Fibonacci and 100 day moving average support at 141.00/140.90. A break lower is a further sell signal and could target 140.15. Only a close above 142.65 would be seen as a positive now.
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Bund: Overbought Daily Stochastics
Published 11/07/2013, 02:19 AM
Updated 07/09/2023, 06:31 AM
Bund: Overbought Daily Stochastics
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