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BOBL TECHS: (U4) Bull Cycle Remains Intact

BOBL TECHS
  • RES 4: 117.380 2.00 projection of the May 31 - Jun 4 - 10 price swing     
  • RES 2: 117.160 High Jun 14 and the bull trigger    
  • RES 3: 116.920 High Jun 24   
  • RES 1: 116.890 High Jul 18               
  • PRICE: 116.420 @ 07:16 BST Jul 23
  • SUP 1: 116.414 20-day EMA     
  • SUP 2: 115.980 Low Jul 10 / 11   
  • SUP 3: 115.530 Low Jul and the key short-term support
  • SUP 4: 115.180 Low Jun 10 

Bobl futures are off highs, but remain in a bull cycle over the medium-term after the contract traded higher last week. Price has pierced 116.775, the 76.4% retracement of the Jun 14 - Jul 5 bear leg. A clear break of it would expose 117.160, the Jun 14 high and a bull trigger. On the downside, a reversal would refocus attention on 115.530, the Jul 5 low and a key support. Initial support to watch lies at 116.414, the 20-day EMA - already being tested early Tuesday.

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