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(Z2) Bearish Outlook

BOBL TECHS
  • RES 4: 122.510 High Sep 12
  • RES 3: 121.950 High Oct 4 and the bull trigger
  • RES 2: 121.330 High Oct 5
  • RES 1: 120.365 20-day EMA
  • PRICE: 118.800 @ 05:23 BST Oct 10
  • SUP 1: 118.630 Low Oct 10
  • SUP 2: 118.020 Low Sep 28 and the bear trigger
  • SUP 3: 117.918 2.382 proj of the Aug 25 - Sep 1 - Sep 6 price swing
  • SUP 4: 117.630 2.50 proj of the Aug 25 - Sep 1 - Sep 6 price swing

Bobl futures remain in a bearish mode and the contract is trading closer to its most recent lows. The reversal from 121.950, the Oct 4 high confirms the end of the corrective cycle between Sep 28 and Oct 4. The focus is on the key support and bear trigger at 118.020, the Sep 28 low. A break of this level would confirm a resumption of the primary downtrend. On the upside, 121.950 marks key resistance.

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