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(Z2) Trend Needle Is Still Pointing South

BOBL TECHS
  • RES 4: 121.570 High Sep 19
  • RES 3: 120.940 High Sep 21
  • RES 2: 120.752 20-day EMA
  • RES 1: 120.150 High 23
  • PRICE: 119.590 @ 05:23 BST Oct 3
  • SUP 1: 118.020 Low Sep 28 and the bear trigger
  • SUP 2: 117.918 2.382 proj of the Aug 25 - Sep 1 - Sep 6 price swing
  • SUP 3: 117.630 2.50 proj of the Aug 25 - Sep 1 - Sep 6 price swing
  • SUP 4: 117.342 2.618 proj of the Aug 25 - Sep 1 - Sep 6 price swing

The trend needle in Bobl futures is unchanged and still points south and recent gains are considered corrective. Last week’s fresh cycle lows reinforce bearish conditions. A key support at 119.940, the Jun 16 low (cont) and the bear trigger, has recently been cleared. The break confirms a resumption of the broader downtrend and opens 117.918 next, a Fibonacci projection. Firm resistance is seen at 120.752, the 20-day EMA.

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  • RES 4: 121.570 High Sep 19
  • RES 3: 120.940 High Sep 21
  • RES 2: 120.752 20-day EMA
  • RES 1: 120.150 High 23
  • PRICE: 119.590 @ 05:23 BST Oct 3
  • SUP 1: 118.020 Low Sep 28 and the bear trigger
  • SUP 2: 117.918 2.382 proj of the Aug 25 - Sep 1 - Sep 6 price swing
  • SUP 3: 117.630 2.50 proj of the Aug 25 - Sep 1 - Sep 6 price swing
  • SUP 4: 117.342 2.618 proj of the Aug 25 - Sep 1 - Sep 6 price swing

The trend needle in Bobl futures is unchanged and still points south and recent gains are considered corrective. Last week’s fresh cycle lows reinforce bearish conditions. A key support at 119.940, the Jun 16 low (cont) and the bear trigger, has recently been cleared. The break confirms a resumption of the broader downtrend and opens 117.918 next, a Fibonacci projection. Firm resistance is seen at 120.752, the 20-day EMA.