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(Z2) Bounce Considered Corrective

  • RES 4: 121.950 High Oct 4 and the bull trigger
  • RES 3: 121.330 High Oct 5
  • RES 2: 119.960 High Oct 14 and a key resistance
  • RES 1: 119.429 20-day EMA
  • PRICE: 118.820 @ 05:19 BST Oct 24
  • SUP 1: 117.630 2.50 proj of the Aug 25 - Sep 1 - Sep 6 price swing
  • SUP 2: 117.342 2.618 proj of the Aug 25 - Sep 1 - Sep 6 price swing
  • SUP 3: 117.000 Round number support
  • SUP 4: 116.410 3.00 proj of the Aug 25 - Sep 1 - Sep 6 price swing

Bobl futures remain in a downtrend and short-term gains are considered corrective. Last week’s move lower cleared support and the bear trigger at 118.020, Sep 28 low. The break confirms a resumption of the primary downtrend and marks an extension of the price sequence of lower lows and lower highs. This opens 117.630 next, a Fibonacci projection. On the upside, key short-term resistance has been defined at 119.960, the Oct 14 high.

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