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(U4) Watching Support

BOBL TECHS
  • RES 4: 120.000 Psychological round number
  • RES 3: 119.730 2.00 proj of the May 31 - Jun 14 - Jul 5 price swing
  • RES 2: 119.234 1.764 proj of the May 31 - Jun 14 - Jul 5 price swing
  • RES 1: 118.300/119.090 High Aug 14 / 5 and the bull trigger
  • PRICE: 117.770@ 05:34 BST Aug 19
  • SUP 1: 117.632 20-day EMA
  • SUP 2: 117.120/116.320 50-day EMA / Low Jul 22
  • SUP 3: 115.980 Low Jul 10 / 11
  • SUP 4: 115.530 Low Jul and the key short-term support

The uptrend in Bobl futures remains intact and the pullback from the Aug 5 high still appears to be a correction. The move down has allowed an overbought condition to unwind. Recent gains resulted in a breach of a key resistance at 117.160, Jun 14 high. This break, together with the subsequent impulsive rally, reinforces current conditions. Sights are on 119.234, a Fibonacci projection. Initial firm support to watch is 117.632, the 20-day EMA.

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