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(U2) Pullback Considered Corrective

BOBL TECHS
  • RES 4: 129.950 2.00 projection of the Jun 16 -24 - 28 price swing
  • RES 3: 129.001 1.764 projection of the Jun 16 -24 - 28 price swing
  • RES 2: 128.060/128.760 High Aug 3 / 2 and the bull trigger
  • RES 1: 127.580 High Aug 10
  • PRICE: 126.950 @ 05:20 BST Aug 12
  • SUP 1: 126.450 Low Jul 28
  • SUP 2: 126.001 50-day EMA
  • SUP 3: 125.150 Low Jul 22
  • SUP 4: 124.030 Low Jul 21 and a reversal trigger

Bobl futures remain in consolidation mode. The short-term trend is up and the recent pullback is considered corrective. Recent high prints 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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