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(H1) Needle Still Points North

  • RES 4: 135.700 High Dec 11 and a key resistance
  • RES 3: 135.610 High Dec 15
  • RES 2: 135.497 76.4% retracement of the Dec 11 - Jan 12 downleg
  • RES 1: 135.480 High Jan 27
  • PRICE: 135.350 @ 05:01 GMT Jan 29
  • SUP 1: 135.224 20-day EMA
  • SUP 2: 135.120 Low Jan 25
  • SUP 3: 134.930 Low Jan 22
  • SUP 4: 134.840 Low Jan 12 and a bear trigger

BOBL futures rallied Wednesday to extend this week's climb and confirm a clear breach of 135.350, Jan 15 high. The break reinforces a bullish theme and signals scope for a climb to 135.497 next, a Fibonacci retracement. Clearance of 135.497 would strengthen a bullish case for gains towards 135.700, the Dec 11 high. Initial support is seen at 135.224, the 20-day EMA. A break of Monday's 135.120 low is required to reinstate a bearish theme.

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