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(U2) Short-Term Trend Needle Still Points North

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
  • PRICE: 125.260 @ 05:12 BST Jul 8
  • SUP 1: 123.964 20-day EMA
  • SUP 2: 123.010 Low Jun 30
  • SUP 3: 121.910 Low Jun 28
  • SUP 4: 120.990 Low Jun 21

A bull cycle in Bobl futures remains intact and the contract traded higher again this week. The recent breach of resistance at 123.960, the Jun 24 high, confirmed a resumption of the current bullish corrective cycle and price has established a positive price 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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