Bunds Held Within Middle Of Wednesday's Range

Published 11/30/2012, 12:02 PM
Bund
Bunds held within the middle of Wednesday’s range. The 78.6% recovery level of the loss from mid November is 143.11 with the week’s high at 143.15. The market is overbought short-term so this level may hold the top side if tested and trigger profit taking in today’s session. A break above last week’s high at 143.22 however allows for a push higher towards November highs at 143.45/47.

142.84/83 is our first support but a break lower today sees 142.65/64 which held the dip perfectly yesterday. Failure today would then target 142.49/46. May be worth taking profits on any shorts here today with a decent chance of a low and averaging in to longs from here down to 142.34. We will need stops below a small gap at 142.27.

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