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(Z2) Corrective Bounce

BOBL TECHS
  • 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: 119.365 20-day EMA
  • PRICE: 118.940 @ 05:30 BST Oct 25
  • 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 traded higher Monday. The trend remains down and 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, a Fibonacci projection. On the upside, key short-term resistance is at 119.960, the Oct 14 high.

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