Bunds traded up to 140.33 on Friday, we may see sellers on the open as the hourly charts are looking overbought this will be short lived as the 240 mins stochastics are bullish along the with the daily’s which are just about to turn. Therefore we should be a buyer on dips, attempt longs at 140.18 this is the 50% fib level from the 17th of Sept, keeping stops below 140.03 the 9 day MA on the 240 mins. Resistance is 140.44 this is the 5 day MA on the daily charts and was good support on the way down. If we manage to trade above 140.44 we will trade up to 140.63 as we have an opening gap on the daily’s from 140.59 to 140.63 the next level will be 140.90 the 9 day MA on the daily’s.

We will find good support at 140.18, if we manage to trade below the figure we will find support a 139.95 the 20 day MA on the 60 mins, and then 139.76 this is the 61.8% fib level on the hourly and then at 139.65 and below here we have a down trend channel support line at 139.57 a break here will take us lower to the 76.3% fib level from the 17th Sept at 139.25 a break here will take us to 100% at 138.41.

SUPPORT
140.18
140.03
139.95
139.76
139.65
139.57
139.40
139.25
138.89
138.59/51
138.41

RESISTANCE
140.44
140.59/63
140.90
141.11
141.45
141.83
141.91
141.95
142.17
142.31*
142.60**

The article was first published by CharmerCharts