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(U4) Bearish Theme Intact

BOBL TECHS
  • RES 4: 117.160 High Jun 14 and the bull trigger
  • RES 2: 116.920 High Jun 24
  • RES 3: 116.690 High Jun 28
  • RES 1: 116.215 20-day EMA
  • PRICE: 116.040 @ 05:36 BST Jul 8
  • SUP 1: 115.530 Low Jul 5
  • 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

The trend set-up in Bobl futures is unchanged and the contract is trading closer to its latest lows - a bearish condition remains in place. The move down last week resulted in a break of the 20-day EMA and this undermines a recent bearish threat, signalling scope for a pullback towards 115.556 (pierced), a Fibonacci retracement. Clearance of this level would strengthen a bearish threat. Initial firm resistance to watch is 116.690, the Jun 28 high.

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