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(Z3) Trend Needle Points 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: 116.247 20-day EMA
  • RES 1: 116.150 High Sep 22
  • PRICE: 115.780 @ 05:28 BST Sep 27
  • SUP 1: 115.540 Low Sep 21
  • SUP 2: 115.450 1.50 proj of the Sep 8 - 13 - 14 price swing
  • SUP 3: 115.349 1.618 proj of the Sep 8 - 13 - 14 price swing
  • SUP 4: 115.223 1.764 proj of the Sep 8 - 13 - 14 price swing

Bobl futures remain in a clear downtrend and last week’s breach of 116.00, the Aug 15 low and key support, reinforces a bearish theme. The break lower confirmed a resumption of the downtrend and signals scope for weakness towards 115.450 next, a Fibonacci projection. On the upside, firm short-term resistance has been defined at 116.740, the Sep 14 high. Clearance of this hurdle would signal a possible short-term base.

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