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(H4) Trend Needle Points North

BOBL TECHS
  • RES 4: 119.000 Round number resistance
  • RES 3: 118.820 3.00 proj of the Sep 28 - Oct 10 - 19 price swing
  • RES 2: 118.584 2.764 proj of the Nov 14 - 17 - 24 price swing
  • RES 1: 118.480 High Dec 8
  • PRICE: 118.080 @ 05:22 GMT Dec 12
  • SUP 1: 117.690 Low Dec 5
  • SUP 2: 117.168 20-day EMA
  • SUP 3: 116.650 High Nov 17 and a recent breakout level
  • SUP 4: 116.390 Low Nov 28

A bull cycle in Bobl futures remains in play and recent gains have reinforced this theme. On Nov 28, the contract cleared 116.65, the Nov 17 high, to confirm a resumption of the uptrend that started on Sep 28. The break paves the way for a move towards 118.584 next, a Fibonacci projection. Initial firm support lies at 117.168, the 20-day EMA. The short-term trend condition is overbought. A corrective pullback would unwind this condition.

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