Technical Forecast for BOBL

Bobl held Thursday’s low of 122.34 & completely unexpectedly rocketed back through all resistance to retest Wednesday’s high at 123.07. So we have tough resistance at 123.04/07 today & if this holds we look for 122.91/90 then 122.79/77. This could hold the downside but any longs need stops below 122.70 for very good support at 122.62/61 & a buying opportunity with stops below 122.50. We then look for 122.42/40 before last week’s low at 122.34.

 

A break above 123.09 however keeps Friday’s rally going for a move towards 123.21/23. This should hold the topside as we start to look overbought short term. However if we continue higher look for 123.39 before late August highs at 123.45/47.