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BOBL TECHS: (U4) Support Remains Intact

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: 117.750 @ 05:51 BST Aug 23
  • SUP 1: 117.704 20-day EMA      
  • SUP 2: 117.228/116.700 50-day EMA / Low Jul 26   
  • SUP 3: 116.320 Low Jul 22 
  • SUP 4: 115.980 Low Jul 10 / 11

Bobl futures are trading in a range. The uptrend remains 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, together with the subsequent impulsive rally, reinforces current conditions. First resistance is at 118.300, the Aug 14 high. Initial firm support is 117.704, the 20-day EMA.

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