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(U3) Pullback Considered Corrective

BOBL TECHS
  • RES 4: 116.990 High Jun 12 and a key resistance
  • RES 3: 116.860 High Jun 13
  • RES 2: 116.600 High Jul 19 and the bull trigger
  • RES 1: 116.090/378 High Jul 20 / 50-dma (cont)
  • PRICE: 115.710 @ 04:53 BST Jul 24
  • SUP 1: 115.420 Low Jul 17
  • SUP 2: 115.230 Low Jul 13
  • SUP 3: 115.034 76.4% retracement of the Jul 6 - 19 rally
  • SUP 4: 114.730 Low Jul 12

Recent gains in Bobl futures reinforce the short-term bullish theme and the pullback from last week’s high appears to be a correction. Attention is on key short-term resistance that has been defined at 116.600, the Jul 19 high. Clearance of this level would confirm a resumption of the bull cycle and open 116.990, the Jun 12 high. On the downside, a move through 115.420, the Jul 17 low would instead signal scope for a deeper retracement.

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