MNI China Daily Summary: Tuesday, August 6

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(U2) Northbound

BOBL TECHS
  • RES 4: 130.000 Round number resistance
  • RES 3: 129.950 2.00 projection of the Jun 16 -24 - 28 price swing
  • RES 2: 129.001 1.764 projection of the Jun 16 -24 - 28 price swing
  • RES 1: 128.520 Intraday high
  • PRICE: 128.280 @ 05:16 BST Aug 2
  • SUP 1: 126.450/126.196 Low Jul 28 / 20-day EMA
  • SUP 2: 125.525 50-day EMA
  • SUP 3: 124.030 Low Jul 21 and a reversal trigger
  • SUP 4: 123.010 Low Jun 30

The Bobl futures outlook remains bullish and last week’s gains strengthen current conditions. The contract has traded higher this week and fresh gains confirms a resumption of the uptrend. This maintains the bullish price sequence of higher highs and higher lows and the focus is on 129.001 next, a Fibonacci projection. Key support has been defined at 124.030, Jul 21 low. A break would signal a reversal. Initial support is at Thursday’s 126.450 low.

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