Bunds beat resistance at 142.29/34 and staged a rally as hoped to our next target at 142.48/52 which did hold the topside as expected. If we break through 142.60 today we should see 142.71/74, possibly 142.88. Look to enter shorts expecting for a high for the bounce here.
Support now at 142.28/25 then below yesterday’s low at 142.15 we could see a test of last week’s low at 142.01. A break lower today then targets 141.95/91. This was the high for 3 weeks in a row in early Oct and is also a 38.2% correction of the rally from October lows. It should therefore offer good support in a very oversold market today. Exit all shorts and buy in to longs looking for a bounce after a week of losses.
Stop/reverse in to shorts however below 141.75 as this signals a move to 141.54/46. We expect this to be the low for now.
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German Bund Daily Outlook: November 27, 2012
Published 11/27/2012, 03:18 AM
Updated 07/09/2023, 06:31 AM
German Bund Daily Outlook: November 27, 2012
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