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(Z1) Bearish Trend Sequence Extends

BOBL TECHS
  • RES 4: 135.380 High Sep 23
  • RES 4: 135.200 Low Sep 17 and recent breakout level / High Oct 4
  • RES 3: 135.060 High Oct 7
  • RES 2: 134.770 Low Sep 28 and a recent breakout level
  • PRICE: 134.380 @ 05:27 BST Oct 13
  • SUP 1: 134.340 Low Oct 13
  • SUP 2: 134.285 76.4% retracement of the Jun - Sep rally
  • SUP 3: 134.136 1.382 proj of the Sep 21 - 28 - Oct 4 price swing
  • SUP 4: 134.070 Low Jul 6 (cont)

Bobl futures outlook remains bearish and the contract extended its downtrend once again yesterday. The continued move lower maintains the current bearish price sequence of lower lows and lower highs that defines a downtrend and signals scope for further weakness. The focus is on 134.248 next, a Fibonacci projection. On the upside, key short-term resistance has been defined at 135.060.

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