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(Z3) Bull Theme Still Intact

BOBL TECHS
  • RES 4: 119.020 High May 11 (cont)
  • RES 3: 118.752 2.236 proj of the Sep 28 - Oct 10 - 19 price swing
  • RES 2: 118.500 Round number resistance
  • RES 1: 118.390 High Dec 4
  • PRICE: 118.160 @ 05:39 GMT Dec 5
  • SUP 1: 117.230 High Nov 17
  • SUP 2: 117.02820-day EMA
  • SUP 3: 116.260 Low Nov 27 and key support
  • SUP 4: 116.000 Low Nov 13

A bull cycle in Bobl futures remains in play and last week’s strong rally has reinforced this theme. The contract has cleared resistance at 117.230, the Nov 17 high, to confirm a resumption of the uptrend that started on Sep 28. The break higher paves the way for a move towards 118.752 next, a Fibonacci projection. On the downside, key support has been defined at 116.260, the Nov 27 low. Initial firm support lies at 117.230, the Nov 17 high.

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