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(U1) Short-Term Gains Considered Corrective

BOBL TECHS
  • RES 4: 135.700 High Dec 11, 2020 (cont)
  • RES 4: 135.640 High Aug 05 and the bull trigger
  • RES 3: 135.430 High Aug 20 a key near-term resistance
  • RES 2: 135.340 Aug 25 high
  • PRICE: 135.240 @ 05:16 BST Aug 31
  • SUP 1: 135.040 Low Aug 27
  • SUP 2: 134.984 50-day EMA
  • SUP 3: 134.710 High Aug 7
  • SUP 4: 134.640 Trendline support drawn from the May 20 low

Bobl futures traded lower Aug 25. This resulted in a break of the 20-day EMA and support at 135.140, the Aug 13 low. Despite the most recent gains, the move lower signals potential for a deeper corrective pullback and opens the 50-day EMA that intersects at 134.984. On the upside, initial key resistance has been defined at 135.430, Aug 20 high. A break would reinstate a bullish theme and open 135.640, Aug 5 high and the bull trigger.

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