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(Z1) Bull Tone Intact

BOBL TECHS
  • RES 4: 135.660 High Sep 9
  • RES 3: 135.540 High Sep 21
  • RES 2: 135.380 High Sep 23
  • RES 1: 135.200 Low Sep 17, high Oct 4 and Friday's high
  • PRICE: 135.000 @ 05:29 GMT Nov 9
  • SUP 1: 134.855/320 50-day EMA / Low Nov 3
  • SUP 2: 133.900/690 Low Nov 2
  • SUP 3: 133.340 Low Mar 19 and key medium-term support (cont)
  • SUP 4: 133.308 1.764 proj of the Oct 4 - 13 - 14 price swing

A sharp rally in Bobl futures last week means the contract has established a short-term bull tone. This recent recovery is still considered corrective however and the primary trend direction remains down. Attention for now is on the upside and resistance at 135.20, Sep 17 low and Oct 4 high plus Friday's high. Clearance of this level would open 135.540, Sep 21 high. On the downside, initial firm support lies at 134.320, Nov 3 low.

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