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(Z3) Sharp Sell-Off Reinforces Bearish Theme

BOBL TECHS
  • RES 4: 116.210 High Sep 18
  • RES 3: 116.150 High Sep 22 and a key near-term resistance
  • RES 2: 116.065 20-day EMA
  • RES 1: 115.570 High Sep 28
  • PRICE: 115.130 @ 05:37 BST Sep 29
  • SUP 1: 114.880 Low Sep 28
  • 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 clear downtrend and the contract traded sharply lower yesterday, extending the bear cycle. The recent break of 116.00, the Aug 15 low and a key support, confirmed a resumption of the downtrend and this week’s sell-off has strengthened the case for bears. The focus is on 114.817, a Fibonacci projection. On the upside, firm short-term resistance has been defined at 116.150, the Sep 22 high.

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