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BOBL TECHS: (U4) Support Remains Intact
- 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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.