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(Z2) Bearish Outlook

BOBL TECHS
  • RES 4: 122.510 High Sep 12
  • RES 3: 121.950 High Oct 4 and a reversal trigger
  • RES 2: 121.010/330 High Oct 28 and a bull trigger / 5
  • RES 1: 119.391/120.420 20-day EMA / High Nov 1
  • PRICE: 118.440 @ 05:16 GMT Nov 8
  • SUP 1: 118.400 Low Nov 7
  • SUP 2: 117.630 Low Oct 21 and the bear trigger
  • SUP 3: 117.342 2.618 proj of the Aug 25 - Sep 1 - Sep 6 price swing
  • SUP 4: 116.986 2.764 proj of the Aug 25 - Sep 1 - Sep 6 price swing

Bobl futures traded lower again Friday and has started the week on a softer note. Last week's round of weakness resulted in a break of support at 119.090, Oct 27 low. This undermines the recent bullish theme. An extension lower would highlight the risk of a pullback towards key support and a bear trigger at 117.630, the Oct 21 low. On the upside, key resistance has been defined at 121.010, the Oct 28 high. Initial resistance is at 119.391.

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