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(U2) Watching Support

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: 123.942/960 20-day EMA / High Jun 24
  • PRICE: 122.310 @ 05:13 BST Jun 29
  • SUP 1: 121.910 Low Jun 28
  • 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 but stalled at 123.960 on Jun 24. Despite the latest pullback, a short-term bullish corrective phase remains in play. A resumption of gains would signal scope for a climb towards 124.124, a Fibonacci retracement. On the downside, initial firm support to watch is at 120.760, the Jun 17 low. A break of this level would expose the bear trigger at 119.940, Jun 16 low.

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