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(U2) Bounces Off Low

BOBL TECHS
  • RES 4: 127.160 High May 12
  • RES 3: 126.879 1.236 projection of the Jun 16 -24 - 28 price swing
  • RES 2: 126.710 High May 26
  • RES 1: 126.560 High Jul 6 and the bull trigger
  • PRICE: 125.010 @ 16:31 BST Jul 21
  • SUP 1: 124.030 Low Jul 21
  • SUP 2: 123.010 Low Jun 30
  • SUP 3: 121.910 Low Jun 28 and a key near-term support
  • SUP 4: 120.990 Low Jun 21

Bobl futures were sold to a new weekly low of 124.03 before bouncing into the close, defying the development of any bearish theme. A bull cycle remains in play and the focus is on resistance at 126.560, Jul 6 high and the next bull trigger. The recent breach of 123.960, the Jun 24 high, confirmed a resumption of the current uptrend and price has established a positive sequence of higher highs and higher lows. Scope is seen for a climb towards 126.710, the May 26 high. Key short-term support has been defined at 121.190, Jun 28 low.

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