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(U0) Bullish Week

BOBL TECHS
  • RES 4: 135.757 76.4% retrace of the May 4 - Jun 10 decline (cont)
  • RES 3: 135.500 High May 22 (cont)
  • RES 2: 135.421 61.8% retrace of the May 4 - Jun 10 decline (cont)
  • RES 1: 135.340 High May 18
  • PRICE: 135.100 @ 05:12 BST Aug 4
  • SUP 1: 134.940 Low Jul 29
  • SUP 2: 134.610/560 Low Jul 20 / Low Jul 13
  • SUP 3: 134.510 Low Jul 2 and key support
  • SUP 4: 134.410 Low Jun 17

Bobl futures retreated further Monday, in a move that suggests bullish exhaustion rather than any reversal in trend. Bulls still take confidence in the break of 135.080, the Jun 29 high, which confirmed a range breakout and also a resumption of the recovery that has been in place since Jun 5. This sets the scene for a climb towards 135.421 (cont), 61.8% of the Apr - Jun sell-off. A break here would open 135.500, Jun 22 low (cont). On the downside, support is at 134.940, Jul 29 low.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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