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(U4) Bear Cycle Extends

BOBL TECHS
  • RES 4: 117.160 High Jun 14 and the bull trigger
  • RES 2: 116.920 High Jun 24
  • RES 3: 1116.690 High Jun 28
  • RES 1: 116.341 20-day EMA
  • PRICE: 115.920 @ 05:42 BST Jul 2
  • SUP 1: 115.810 Low Jul 1
  • SUP 2: 115.556 76.4% retracement of the May 31 - Jun 14 rally
  • SUP 3: 115.180 Low Jun 10
  • SUP 4: 115.060 Low May 31 and key support

Bobl futures started this week on a bearish note and traded sharply lower Monday. The move down has resulted in a break of the 20-day EMA and this undermines the recent bearish threat, signalling scope for a deeper pullback, opening 115.556, a Fibonacci retracement. Clearance of this level would further strengthen a bearish threat. Initial firm resistance to watch is 116.690, the Jun 28 high.

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