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BOBL TECHS: (U4) Support Remains Intact

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: 117.440 @ 06:06 BST Sep 3
  • SUP 1: 117.343 50-day EMA      
  • 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 and Monday’s move lower reinforces the current bearish short-term condition. The pullback that started Aug 5, has allowed an overbought condition to unwind and the broader uptrend remains intact. Moving average studies are in a bull-mode position, highlighting a risingM/T trend. First key resistance is 118.300, the Aug 14 high. Firm support to watch lies at 117.343 the 50-day EMA.

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