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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play

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(Z0) Sharp Reversal Weighs

  • RES 4: 135.600 Low Nov 4
  • RES 3: 134.470 Low Oct 23 and 26 and a recent breakout level
  • RES 2: 135.434 Former trendline support drawn off the Sep 1 high
  • RES 1: 135.320 High Nov 10
  • PRICE: 135.090 @ 05:06 GMT Nov 11
  • SUP 1: 135.080 Intraday low
  • SUP 2: 135.030 Low Oct 7
  • SUP 3: 134.945 76.4% retracement of the Sep 1 - Nov 4 rally
  • SUP 4: 134.900 Low Sep 17

BOBL futures sold off sharply Monday and bearish price action extended yesterday. This week's move lower has resulted in a break of trendline support drawn off the Sep 1 low. Furthermore, futures also cleared 135.470, Oct 23 and 26 low, reinforcing the significance of Monday's move. The likely 2-month trend reversal that has occurred sets the scene for weakness towards 135.030 next, Oct 7 low. Initial resistance is at 135.320.

MNI London Bureau | +44 203-586-3805 |
MNI London Bureau | +44 203-586-3805 |

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