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(Z3) Corrective Bounce

BOBL TECHS
  • RES 4: 117.640 High Aug 8
  • RES 3: 117.610 High Sep 1 and a key resistance
  • RES 2: 117.230 High Sep 4
  • RES 1: 116.960 High Sep 5
  • PRICE: 116.800 @ 05:20 BST Sep 8
  • SUP 1: 116.320 Low Sep 7
  • SUP 2: 116.170 Low Aug 21
  • SUP 3: 116.000 Low Aug 15
  • SUP 4: 115.620 1.236 retracement of the Aug 15 - Sep 1 climb

Bobl futures pulled back from the Sep 1 high of 117.610 this week. Wednesday’s extension resulted in a break of support at 116.610, the Aug 28 low. The breach undermines the recent bullish theme. Note that support at 116.500, the Aug 23 low, has also been cleared, strengthening a bearish condition. A continuation would expose 116.00, the Aug 15 low.A move above 117.610 would reinstate a bullish theme. Gains are considered corrective.

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