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BOBL TECHS: (U4) Finds Support

BOBL TECHS
  • RES 4: 119.234 1.764 proj of the May 31 - Jun 14 - Jul 5 price swing
  • RES 3: 119.090 High Aug 5 and the bull trigger
  • RES 2: 118.300/118.530 High Aug 14 / 6     
  • RES 1: 117.980 High Aug 29                 
  • PRICE: 117.790 @ 06:03 BST Sep 4
  • SUP 1: 117.356/320 50-day EMA / Low Sep 3      
  • SUP 2: 117.140 Low Jul 30  
  • SUP 3: 116.890 61.8% retracement of the Jul 5 - Aug 5 bull leg
  • SUP 4: 116.650 Low Jul 25

A corrective bear cycle in Bobl futures remains in play, however, the recovery Tuesday’s is potentially an early bullish signal. The contract has found support at the 50-day EMA, at 117.356. A stronger recovery and a break of initial resistance at 117.980, Aug 29 high, would strengthen a reversal condition. MA studies continue to highlight an uptrend. On the downside, a clear break of the 50-day EMA would signal scope for a deeper retracement. 

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