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(H4) Near-term Weakness Risks Further Reversal

BOBL TECHS
  • RES 4: 120.460 1.00 proj of the Nov 24 - Dec 7 - 8 price swing
  • RES 3: 120.130 High Mar 24 (cont)
  • RES 2: 120.000 Psychological round number
  • RES 1: 119.832 0.764 proj of the Nov 24 - Dec 7 - 8 price swing
  • PRICE: 118.620 @ 08:04 GMT Jan 05
  • SUP 1: 118.500 Low Jan 02
  • SUP 2: 117.800 Low Dec 8 and a key support
  • SUP 3: 117.722 50-day EMA
  • SUP 4: 117.510 Low Dec 4

A bull cycle in Bobl futures remains in play despite the weakness off last week’s high. Nonetheless, the weakness into the Thursday close and move through the 20-day EMA support risks a further pullback in prices, which would initially target 117.800 ahead of the 50-day EMA at 117.722. For now, the weakness is considered corrective, and a return higher would target 119.832 as a broader target.

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