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(Z2) Trend Needle Points South

BOBL TECHS
  • RES 4: 125.200 High Aug 25
  • RES 3: 124.670 High Aug 25
  • RES 2: 124.00 Round number resistance
  • RES 1: 123.650 High Aug 30
  • PRICE: 123.060 @ 05:11 BST Sep 6
  • SUP 1: 122.230 Low Sep 1 and the bear trigger
  • SUP 2: 122.022 76.4% retracement of the Jun 16 - Aug 2 rally (cont)
  • SUP 3: 120.990 Low Jun 21 (cont)
  • SUP 4: 119.940 Low Jun 16 and key support (cont)

Bobl futures remain bearish and the latest bounce is considered corrective.

Attention is on 122.230, the Sep 1 low and near-term bear trigger. A break would confirm a resumption of the current bear cycle and continue the retracement of the mid-June to early August climb. Scope is seen for a move to 120.990 next, the Jun 21 low (cont). On the upside, initial resistance is at 123.650, the Aug 30 high.

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