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(Z1) Corrective Cycle Still In Play

BOBL TECHS
  • RES 4: 136.14 High Aug 25
  • RES 3: 136.00 Round number resistance
  • RES 2: 135.870 High Sep 3
  • RES 1: 135.690 High Nov 22
  • PRICE: 135.080 @ 05:11 GMT Nov 25
  • SUP 1: 134.957 50-day EMA
  • SUP 2: 134.700/320 Low Nov 11 / Low Nov 3
  • SUP 3: 133.900/690 Low Nov 2
  • SUP 4: 133.340 Low Mar 19 and key medium-term support (cont)

Bobl futures are trading closer to recent lows. The pullback this week is still likely a correction. The contract last week breached resistance at 135.320, Nov 15 high. This confirmed a resumption of the short-term uptrend and has opened 135.870 next, Sep 3 high. The break higher also signals scope for a climb towards 136.00 and beyond further out. Key short-term support is at 134.700, Nov 11 low. A break would reverse the direction.

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