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(Z3) Gains Considered Corrective

BOBL TECHS
  • RES 4: 116.210 High Sep 18
  • RES 3: 116.150 High Sep 22 and a key near-term resistance
  • RES 2: 116.035 20-day EMA
  • RES 1: 115.790 High Sep 29
  • PRICE: 115.570 @ 05:15 BST Oct 2
  • SUP 1: 114.880 Low Sep 28 and the bear trigger
  • SUP 2: 114.817 2.236 proj of the Sep 8 - 13 - 14 price swing
  • SUP 3: 115.691 2.382 proj of the Sep 8 - 13 - 14 price swing
  • SUP 4: 114.590 2.50 proj of the Sep 8 - 13 - 14 price swing

Bobl futures remain in a downtrend and the contract traded sharply lower last week, before finding support on Friday. Gains are considered corrective. The recent break of 116.00, Aug 15 low and a key support, confirmed a resumption of the downtrend and last week’s move lower strengthened the case for bears. The focus is on 114.817, a Fibonacci projection. Firm short-term resistance has been defined at 116.150, the Sep 22 high.

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