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(Z2) Heading South

BOBL TECHS
  • RES 4: 124.670 High Aug 25
  • RES 3: 124.000 Round number resistance
  • RES 2: 123.160/123.730 High Sep 8 / High Sep 6 and key resistance
  • RES 1: 122.510 High Sep 12
  • PRICE: 121.090 @ 05:14 BST Sep 20
  • SUP 1: 120.930 Low Sep 16
  • SUP 2: 120.358 1.382 proj of the Aug 25 - Sep 1 - Sep 6 price swing
  • SUP 3: 119.940 Low Jun 16 and key support (cont)
  • SUP 4: 119.782 1.618 proj of the Aug 25 - Sep 1 - Sep 6 price swing

The trend needle in Bobl futures still points south. The contract traded lower Friday, extending the current bear cycle and sights are on 120.358, a Fibonacci projection. Futures continue to retrace the mid-June to early August climb. Scope is also seen for a move to 119.940, the Jun 16 major support (cont). On the upside, initial firm resistance is at 122.510, the Sep 12 high. A break would highlight a short-term base.

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  • RES 4: 124.670 High Aug 25
  • RES 3: 124.000 Round number resistance
  • RES 2: 123.160/123.730 High Sep 8 / High Sep 6 and key resistance
  • RES 1: 122.510 High Sep 12
  • PRICE: 121.090 @ 05:14 BST Sep 20
  • SUP 1: 120.930 Low Sep 16
  • SUP 2: 120.358 1.382 proj of the Aug 25 - Sep 1 - Sep 6 price swing
  • SUP 3: 119.940 Low Jun 16 and key support (cont)
  • SUP 4: 119.782 1.618 proj of the Aug 25 - Sep 1 - Sep 6 price swing

The trend needle in Bobl futures still points south. The contract traded lower Friday, extending the current bear cycle and sights are on 120.358, a Fibonacci projection. Futures continue to retrace the mid-June to early August climb. Scope is also seen for a move to 119.940, the Jun 16 major support (cont). On the upside, initial firm resistance is at 122.510, the Sep 12 high. A break would highlight a short-term base.