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(U2) Corrective Cycle Still In Play

BOBL TECHS
  • RES 4: 125.112 76.4% retracement of the May 26 - Jun 16 sell-off
  • RES 3: 124.490 High Jun 3
  • RES 2: 124.124 61.8% retracement of the May 26 - Jun 16 sell-off
  • RES 1: 123.250 High Jun 27
  • PRICE: 123.220 @ 05:16 BST Jun 24
  • SUP 1: 121.820 Low Jun 23
  • SUP 2: 120.760/119.940 Low Jun 17 / Low Jun 16 and bear trigger
  • SUP 3: 119.590 4.00 proj of the May 12 - 18 - 26 price swing
  • SUP 4: 119.050 Low Jul 29 2011 (cont)

Bobl futures traded higher last week confirming an extension of the current bullish corrective cycle. Recent gains resulted in a break of the 20-day EMA and this has strengthened short-term bullish conditions. The focus is on a climb towards 124.124, a Fibonacci retracement. Note that short-term gains are still considered corrective. A reversal lower would refocus attention on the bear trigger at 119.940, the Jun 16 low.

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