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(Z1) Needle Still Points South

BOBL TECHS
  • RES 4: 135.660 High Sep 7 / 9
  • RES 4: 135.540 High Sep 21 and key near-term resistance
  • RES 3: 135.200 Low Sep 17 and recent breakout level
  • RES 2: 135.110 High Sep 27
  • PRICE: 134.890 @ 05:25 BST Sep 29
  • SUP 1: 134.770 Low Sep 28
  • SUP 2: 134.736 3.236 proj of the Aug 20 - 27 - 31 price swing
  • SUP 3: 134.660 Low Sep 7 and 8 (cont)
  • SUP 4: 134.548 61.8% retracement of the Jun - Sep rally

Bobl futures maintain a bearish tone following last week's resumption of its downtrend and the contract traded lower again yesterday. This maintains the current bearish price sequence of lower lows and lower highs that defines a downtrend and signals scope for an extension lower. The focus is on 134.736 next, a Fibonacci projection. On the upside, key short-term resistance is unchanged at 135.540, Sep 21 high.

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