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(Z3) Resistance Remains Intact

BOBL TECHS
  • RES 4: 116.567 61.8% retracement of the Sep 1 - Sep 28 downleg
  • RES 3: 116.500 High Oct 10 and the short-term bull trigger
  • RES 2: 116.150 High Oct 16
  • RES 1: 115.777 20-day EMA
  • PRICE: 115.710 @ 05:31 BST Oct 24
  • SUP 1: 115.130 Low Oct 19
  • SUP 2: 114.880 Low Sep 28 and the bear trigger
  • SUP 3: 114.710 Low Aug 15 (cont)
  • SUP 4: 114.414 0.764 proj of the Sep 1 - 28 - Oct 12 price swing

Short-term gains in Bobl futures appear to be a correction. Last week’s sell-off strengthens the latest reversal and undermines the recent bullish theme. A resumption of weakness would signal scope for weakness towards key support and the bear trigger at 114.880, the Sep 28 low. Clearance of this level would further strengthen bearish conditions. Key short-term resistance and a bull trigger has been defined at 116.500, the Oct 10 high.

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