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(U3) Resistance Remains Intact

BOBL TECHS
  • RES 4: 117.700 High Jun 1 and key short-term resistance
  • RES 3: 117.200 High Jun 6
  • RES 2: 116.990/117.010 High Jun 12 / 7
  • RES 1: 116.450 High Jun 26
  • PRICE: 116.220 @ 05:30 BST Jun 29
  • SUP 1: 115.860/320 Low Jun 28 / Low Jun 22 and the bear trigger
  • SUP 2: 115.198 1.236 projection of the Jun 1 - 8 - 12 price swing
  • SUP 3: 115.986 1.382 projection of the Jun 1 - 8 - 12 price swing
  • SUP 4: 114.815 1.50 projection of the Jun 1 - 8 - 12 price swing

Bobl futures continue to trade below Monday’s high of 116.450. The contract has recently pierced the 20-day EMA which intersects at 116.220. However, recent gains are considered corrective and the outlook remains bearish. Moving average studies are in a bear mode position, highlighting a downtrend. The focus is on 115.198, a Fibonacci projection. A clear break of the 20-day EMA would highlight a bullish threat.

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