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(U4) Tests Key Short-Term Resistance

BOBL TECHS
  • RES 4: 117.844 1.0% 10-dma envelope
  • RES 3: 117.640 2.236 proj of the May 31 - Jun 4 - 10 price swing
  • RES 2: 117.380 2.00 proj of the May 31 - Jun 4 - 10 price swing
  • RES 1: 117.160 High Jun 14 / Jul 25 and the bull trigger
  • PRICE: 116.840 @ 05:47 BST Jul 26
  • SUP 1: 116.525 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 traded higher Thursday, rallying to touch a new monthly high at 117.160. This also resulted in a test of key resistance at the Jun 14 high. A medium-term bull cycle remains in play and a clear breach of 117.160 would reinforce current conditions. This would open 117.380, a Fibonacci projection. On the downside, a reversal would refocus attention on 115.530, Jul 5 low and a key support. Initial firm support to watch lies at 116.525, 20-day EMA.

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