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(Z3) Corrective Cycle Remains In Play

BOBL TECHS
  • RES 4: 116.966 76.4% retracement of the Sep 1 - Sep 28 downleg
  • RES 3: 116.740 High Sep 14
  • RES 2: 116.567 61.8% retracement of the Sep 1 - Sep 28 downleg
  • RES 1: 116.500 High Oct 10 and the short-term bull trigger
  • PRICE: 116.190 @ 05:22 BST Oct 31
  • SUP 1: 115.850 20-daay EMA
  • SUP 2: 115.480/130 Low Oct 26 / 19
  • SUP 3: 114.880 Low Sep 28 and the bear trigger
  • SUP 4: 114.710 Low Aug 15 (cont)

The Bobl futures trend outlook remains bearish and short-term gains appear to be a correction - for now. A resumption of weakness would signal scope for a move towards key support and the bear trigger at 114.880, the Sep 28 low. Clearance of this level would resume the downtrend. Key short-term resistance and a bull trigger to watch is at 116.500, the Oct 10 high. A break would signal a short-term reversal.

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