Yesterday Bunds opened 142.08 traded down to 141.77 and as expected trading straight back up breaking up through all resistance levels and filling the gap from 142.62 to 142.66 and making a new high of 142.88 stopping just short of resistance at 142.90, therefore this resistance level remains in place. Next resistance will be 143.08 this is 76.8% fib level from the 23rd of July if we manage to break this level 143.20 is in sight and then our next target will be 143.70 which I believe we will reach by the end of the week. The daily stochastics are over bought but not crossing or pointing down yet and the same for the 240 mins, the hourly’s are crossing and giving a sell signal, therefore we buy on a dip as the weekly charts look like there is more to do on the upside. We now see support at 142.66 which was the top of the gap we filled and below here we have support at 142.42 and then 142.17 which was a good level on th way up. The next support is 141.61 the 23.6% fib level and then to 141.46/45 the 50% fib level and also ties in with trend line support on the 240 mins, cover shorts here. A break here will take us lower to 141.30/28 pivot point support and then 141.14/11 will offer support, the 23.6% fib level as this will take us to the 61.8% fib level at 139.77.
The article was first published by CharmerCharts