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(U4) Bull Cycle Remains Intact

BOBL TECHS
  • RES 4: 118.100 High Apr 12 (cont)
  • RES 3: 117.9300 2.50 proj of the May 31 - Jun 4 - 10 price swing
  • RES 2: 117.800 2.382 proj of the May 31 - Jun 4 - 10 price swing
  • RES 1: 117.760 Intraday high
  • PRICE: 117.660 @ 06.00 BST Aug 1
  • SUP 1: 117.140/116.779 Low Jul 30 / 20-day EMA
  • SUP 2: 116.320 Low Jul 22
  • SUP 3: 115.980 Low Jul 10 / 11
  • SUP 4: 115.530 Low Jul and the key short-term support

Bobl futures have traded higher this week. This has resulted in a break of key resistance at the Jun 14 high of 117.160. A medium-term bull cycle remains in play and the clear breach of 117.160 reinforces current conditions. This opens 117.800, a Fibonacci projection. On the downside, a reversal would instead refocus attention on 116.320, the Jul 22 low and key support. Initial firm support is 116.779, the 20-day EMA.

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