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(U1) Pullback Considered Corrective

BOBL TECHS
  • RES 4: 136.686 1.0% 10-dma envelope
  • RES 4: 136.041 61.8% retracement of the March 2020 downleg
  • RES 3: 135.700 High Dec 11, 2020 (cont)
  • RES 2: 135.640 High Aug 05
  • PRICE: 135.290 @ 05:05 BST Aug 18
  • SUP 1: 135.140/134.900 Low Aug 13 / Low Jul 22
  • SUP 2: 134.852/710 50-day EMA / High Jul 8
  • SUP 3: 134.570 Low Jul 15
  • SUP 4: 134.410 Low Jul 13 and a key support

Bobl futures remain below recent highs but the pullback hasn't altered the bullish trend and the move lower is considered corrective. Moving average studies remain in a bull mode and a price sequence of higher highs and higher lows continues to dominate. The focus is on the Dec 11 2020 highs of 135.700 and the 136.041 Fibonacci retracement. Initial support is at 135.140, Aug 13 low. The bull trigger is 135.640, Aug 5 high.

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