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(U2) Pullback Considered Corrective

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: 128.060/128.760 High Aug 3 / 2 and the bull trigger
  • PRICE: 127.140 @ 05:13 BST Aug 11
  • SUP 1: 126.755/450 20-day EMA / Low Jul 28
  • SUP 2: 125.967 50-day EMA
  • SUP 3: 124.030 Low Jul 21 and a reversal trigger
  • SUP 4: 123.010 Low Jun 30

Bobl futures are consolidating. The contract remains in an uptrend and the recent pullback is considered corrective. Last week’s high print confirmed a resumption of the trend and this maintains the bullish price sequence of higher highs and higher lows. A resumption of gains would open 129.001 next, a Fibonacci projection. Key support is 124.030, the Jul 21 low. A break would signal a reversal. Initial firm support is 126.450, Jul 28 low.

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