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(Z0) Corrective Cycle Extends

BOBL TECHS
  • RES 4: 135.644 Former trendline support drawn off the Sep 1 high
  • RES 3: 135.637 61.8% retracement of the Nov 4 - 11 sell-off
  • RES 2: 135.600 Low Nov 4
  • RES 1: 135.550 Intraday high
  • PRICE: 135.540 @ 05:14 GMT Nov 30
  • SUP 1: 135.330 Low Nov 25 and key near-term support
  • SUP 2: 135.170 Low Nov 16
  • SUP 3: 135.000 Low Nov 11 and the bear trigger
  • SUP 4: 134.945 76.4% retracement of the Sep 1 - Nov 4 rally

BOBL futures sold off sharply Nov 9 highlighting a bearish risk. However price action has since Nov 11 entered a corrective phase and continues to retrace the Nov 4 - 11 sell-off. Futures have probed resistance at 135.540, a clear break would open 135.637, a Fibonacci retracement. The former trendline resistance drawn off the Sep 1 high intersects at 135.644. On the downside, key near-term support has been defined at 135.330.

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