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(Z0) Corrective Cycle Still In Play

BOBL TECHS
  • RES 4: 135.637 61.8% retracement of the Nov 4 - 11 sell-off
  • RES 3: 135.612 Former trendline support drawn off the Sep 1 high
  • RES 2: 135.600 Low Nov 4
  • RES 1: 135.540 High Nov 20
  • PRICE: 135.420 @ 05:11 GMT Nov 26
  • SUP 1: 135.280 Low Nov 17
  • SUP 2: 135.170 Low Nov 16 and key near-term support
  • 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 and this still highlights a bearish risk. Recent corrective gains off the Nov 11 low remain in place although the climb has recently stalled at 135.540, Nov 20 high and just above 50.0% of the Nov 4 - 11 sell-off. Clearance of 135.540 is required to trigger further upside and open 135.612, former trendline support drawn off the Sep 1 high. Initial key support is at 135.170, Nov 16 low. A break would reinstate a bearish focus.

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