Bunds Reach The 143.15 Level Today; May Trigger Profit Taking

Published 11/29/2012, 05:04 AM
Bund
Bunds beat 142.47/51 and made it to 143.15. The 78.6% recovery level of the loss from mid November is 143.11 and with the market overbought now in the short-term this may trigger further profit taking in today’s session.

142.84/83 is our first support and held the dip back yesterday but a break lower today sees 142.65/64 and failure here would then target 142.49/46. It 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 yesterday’s small gap at 142.27.

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