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(Z2) Approaching Key Support

BOBL TECHS
  • RES 4: 123.160 High Sep 8
  • RES 3: 122.293 20-day EMA
  • RES 2: 121.570 High Sep 16 / 19
  • RES 1: 121.120 High Sep 20
  • PRICE: 119.880 @ 05:16 BST Sep 22
  • SUP 1: 119.782 1.618 proj of the Aug 25 - Sep 1 - Sep 6 price swing
  • SUP 2: 119.426 1.764 proj of the Aug 25 - Sep 1 - Sep 6 price swing
  • SUP 3: 119.260 Low Aug 2011
  • SUP 4: 118.850 2.000 proj of the Aug 25 - Sep 1 - Sep 6 price swing

The trend needle in Bobl futures still points south and the contract has traded lower today, reinforcing bearish conditions. A key support at 119.940, the Jun 16 low (cont) and the bear trigger, has been cleared. The break of this level confirms a resumption of the broader downtrend and opens 119.782 initially, a Fibonacci projection ahead of 119.260, the Aug 2011 low (cont). Firm resistance is seen at 122.293, the 20-day EMA.

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