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(Z3) Trend Needle Continues To Point South

BOBL TECHS
  • RES 4: 116.890 High Sep 8 and a key near-term resistance
  • RES 3: 116.740 High Sep 14
  • RES 2: 116.188 20-day EMA
  • RES 1: 115.860/116.150 High Sep 27 / 22
  • PRICE: 115.410 @ 05:32 BST Sep 28
  • SUP 1: 115.310 Low Sep 27
  • SUP 2: 115.223 1.764 proj of the Sep 8 - 13 - 14 price swing
  • SUP 3: 115.020 1.764 proj of the Sep 8 - 13 - 14 price swing
  • SUP 4: 114.817 2.00 proj of the Sep 8 - 13 - 14 price swing

Bobl futures remain in a clear downtrend and the contract traded lower yesterday, extending the bear cycle. Last week’s break below 116.00, the Aug 15 low and key support, confirmed a resumption of the downtrend and signals scope for weakness towards 115.223 next, a Fibonacci projection. On the upside, firm short-term resistance has been defined at 116.150, the Sep 22 high. Clearance of this hurdle would signal a possible short-term base.

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