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BOBL TECHS: (Z4) Bullish Recovery

BOBL TECHS
  • RES 4: 119.234 1.764 proj of the May 31 - Jun 14 - Jul 5 price swing
  • RES 3: 119.764 76.4% retracement of the Aug 5 - Sep 3 bear leg
  • RES 2: 119.538 61.8% retracement of the Aug 5 - Sep 3 bear leg     
  • RES 1: 119.490 High Sep 5                   
  • PRICE: 119.440 @ 05:57 BST Sep 6
  • SUP 1: 119.044 20-day EMA       
  • SUP 2: 118.580 Low Sep 3   
  • SUP 3: 118.440 1.00 proj of the Aug 5 - 7 - 13 price swing   
  • SUP 4: 118.170 1.236 proj of the Aug 5 - 7 - 13 price swing

A recent corrective bear cycle in Bobl futures has allowed an overbought condition to unwind. This week’s recovery is potentially an early bullish signal. The contract has found support at 118.580, the Sep 3 low. A continuation higher would strengthen a bullish condition and signal scope for a climb towards key resistance and the bull trigger at 120.130, the Aug 5 high. On the downside, clearance of 118.580 would reinstate a bearish theme. 

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