Bund March contract Forecast for 21st January 2013

Bund March contract Forecast for 21st January 2013
Bund March contract Forecast for 21st January 2013
Bund tested the 100 day moving average at 142.38 and shot higher from this low point reaching our 143.26/30 target as we topped at 143.38. If we dip back below 143.23 today look for 143.03/98 and a good chance of a bounce.

However below here a little support at 142.85. If this fails we will probably see 142.69/66 with a break lower risking a retest of 142.38. Excellent support here could see another bottom with the 50% daily Fibonacci support plus a 4 month trend line just below at 142.29. There is a good chance therefore that we can fall no further than this level and it should be worth exiting shorts and buying in to longs with a stop below 142.10. A break would then target 141.84/77.

If however we can push through 143.40 we should head for last week’s high at 143.62 and this should be tough to beat. If we do continue higher look for 144.10/15 and the chance of a high.

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