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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: 115.940 High Sep 26
  • RES 1: 115.849 20-day EMA
  • PRICE: 115.720 @ Close Oct 6
  • SUP 1: 115.310 Low Oct 4
  • SUP 2: 114.880 Low Sep 28 and the bear trigger
  • SUP 3: 114.817 2.236 proj of the Sep 8 - 13 - 14 price swing
  • SUP 4: 115.691 2.382 proj of the Sep 8 - 13 - 14 price swing

Bobl futures remain in a downtrend and short-term gains are considered corrective for now. The recent break of 116.00, Aug 15 low and a key support, confirmed a resumption of the downtrend and the subsequent extension lower strengthened the case for bears. A resumption of the downtrend would open 114.817, a Fibonacci projection. Firm S/T resistance has been defined at 116.150, the Sep 22 high. The bear trigger is 114.880, the Sep 28 low.

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