Technical forecast for BOBL

Bobl held tough resistance at 123.04/07 to test 122.91/90 & below 122.88 today sees 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.

123.04/07 should continue to hold the topside as we start to look overbought short term. A break above 123.09 however keeps Friday’s rally going for a move towards strong resistance at 123.21/23. However if we continue higher look for 123.39 before late August highs at 123.45/47.