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BOBL TECHS: (U4) Corrective Cycle Still In Play

BOBL TECHS
  • RES 4: 119.730 2.00 proj of the May 31 - Jun 14 - Jul 5 price swing
  • RES 3: 119.234 1.764 proj of the May 31 - Jun 14 - Jul 5 price swing 
  • RES 2:  119.090 High Aug 5 and the bull trigger     
  • RES 1: 118.300/118.530 High Aug 14 / 6                
  • PRICE: 117.670 @ 05:51 BST Aug 29
  • SUP 1: 117.550 Low Aug 27       
  • SUP 2: 117.310/116.700 50-day EMA / Low Jul 26   
  • SUP 3: 116.320 Low Jul 22 
  • SUP 4: 115.980 Low Jul 10 / 11

Bobl futures traded to a fresh short-term low Tuesday, however price is again trading inside its range. The uptrend is intact and the pullback from the Aug 5 high appears to be a correction. The move down has allowed an overbought condition to unwind. Recent gains resulted in a breach of a key resistance at 117.160, Jun 14 high. This break reinforces the bull theme. First resistance is 118.300, the Aug 14 high. Firm support is 117.310 the 50-day EMA. 

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