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(U9) Price Action Warns Of Mature........>
BOBL TECHS: (U9) Price Action Warns Of Mature Trend
*RES 4: 136.000 Round number resistance
*RES 3: 135.350 Bull channel top drawn off the May 22 low
*RES 2: 135.320 Range breakout projection
*RES 1: 135.110 Contract high, Jul 25
*PRICE: 134.920 @ 03:02 GMT Aug 1
*SUP 1: 134.600 Low Jul 25
*SUP 2: 134.520 Low Jul 18
*SUP 3: 134.350 Low Jul 17
*SUP 4: 134.335 Bull channel base drawn of the May 22 low
U9 Bobl remains bullish following last weeks contract highs. Price activity
traded within a significantly wider than normal range last Thursday and closed
down on the day. This activity is significant, as it warns the trend is
potentially mature. A key support is at 134.600, the low of Jul 25. If breached,
it would confirm a top and signal the start of a correction. For bulls, the key
upside trigger is 135.110. A break would offset any bearish threat.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.