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(H3) Remains Vulnerable

BOBL TECHS
  • RES 4: 119.086 76.4% retracement of the Dec 7 - Jan 2 downleg
  • RES 3: 118.880 High Jan 19 and the bull trigger
  • RES 2: 118.320 High Jan 25 - a key resistance
  • RES 1: 117.778 50-day EMA
  • PRICE: 117.310 @ 05:20 GMT Feb 2
  • SUP 1: 117.020 Low Jan 30
  • SUP 2: 116.878 61.8% retracement of the Jan 2 - 19 bull run
  • SUP 3: 116.730 Low Jan 5
  • SUP 4: 116.405 76.4% retracement of the Jan 2 - 19 bull run

Bobl futures are consolidating and trading closer to recent lows. The contract has cleared support at 117.560, the Jan 16 low. The breach threatens a bullish theme and suggests potential for a deeper pullback that has exposed 116.878, a Fibonacci retracement point. Initial firm resistance has been defined at 118.320, the Jan 25 high. For bulls, a break would be a positive development. Initial resistance is at 117.778, the 50-day EMA.

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