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(Z1) Needle Still Points South

BOBL TECHS
  • RES 4: 135.200 Low Sep 17, high Oct 4 and recent breakout level
  • RES 3: 135.060 High Oct 7
  • RES 2: 134.860 High Oct 14 and key resistance
  • RES 1: 134.580 High Oct 18
  • PRICE: 134.320 @ 05:22 BST Oct 21
  • SUP 1: 134.045 1.50 proj of the Sep 21 - 28 - Oct 4 price swing
  • SUP 2: 134.070 Low Jul 6 (cont)
  • SUP 3: 133.954 1.618 proj of the Sep 21 - 28 - Oct 4 price swing
  • SUP 4: 133.842 1.764 proj of the Sep 21 - 28 - Oct 4 price swing

Bobl futures remain bearish and the contract traded to a fresh trend low once again yesterday. This confirms a resumption of the underlying downtrend and reinforces bearish conditions. Key resistance has been defined at 134.860, Oct 14 high and a breach of this level is required to signal scope for a short-term reversal. With momentum still pointing south, the focus is on 134.045, a Fibonacci projection.

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