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(Z1) Short-Term Correction Established

BOBL TECHS
  • RES 4: 135.540 High Sep 21
  • RES 3: 135.380 High Sep 23
  • RES 2: 135.200 Low Sep 17, high Oct 4 and recent breakout level
  • RES 1: 135.060 High Nov 4
  • PRICE: 135.000 @ 05:22 GMT Nov 5
  • SUP 1: 134.320 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 yesterday means the contract has established a bullish short-term tone. Gains are still considered corrective however and the primary trend direction remains down. Attention for now is on resistance at 135.20, the Sep 17 low and Oct 4 high. Clearance of this level would pave the way for strength towards 135.540, Sep 21 high. On the downside, initial support lies at 134.320, Nov 3 low.

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