Bund trading sideways as we unwind an overbought stochastic but we now look ready to head higher. Same levels apply for today with support at 150.27/23
Bund December contract Daily Forecast - 28 October 2014Bund trading sideways as we unwind an overbought stochastic but we now look ready to head higher. Same levels apply for today with support at 150.27/23 then last week’s low at 150.10/05. This held again yesterday but any longs today need stops below 149.95. A break lower today targets 149.80/75 then good support at 149.50/45. Try longs with stops below 149.30.
Holding above support at 150.27/23 is positive but today’s main challenge is resistance at 150.60/65. We topped almost exactly here yesterday as expected but a better chance of a break higher today. Shorts therefore need stops above 150.75. Be ready to go with a break higher towards 150.95/151.00. A break above 151.12 then required to keep the outlook positive & target 151.28/33.
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