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(H4) Bull Cycle Extends

  • RES 4: 120.130 High Mar 24 (cont)
  • RES 3: 120.00 Psychological round number
  • RES 2: 119.832 0.764 proj of the Nov 24 - Dec 7 - 8 price swing
  • RES 1: 119.530 High Dec 22
  • PRICE: 119280 @ 05:38 GMT Dec 22
  • SUP 1: 118.730 Low Dec 18
  • SUP 2: 118.125 20-day EMA
  • SUP 3: 117.800 Low Dec 8 and a key support
  • SUP 4: 117.510 Low Dec 4

A bull cycle in Bobl futures remains in play and the contract traded higher Thursday. The continued appreciation confirms, once again, a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. The focus is on 119.832, a Fibonacci projection point. On the downside, key short-term support has been defined at 117.800, the Dec 8 low. A pullback would be considered corrective.

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