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(H1) Bearish Price Structure

BOBL TECHS
  • RES 4: 135.480 High Jan 27
  • RES 3: 135.370 High Jan 29
  • RES 2: 135.227 50-day EMA
  • RES 1: 135.170 20-day EMA
  • PRICE: 134.980 @ 05:06 GMT Feb 5
  • SUP 1: 134.950 Intraday low
  • SUP 2: 134.930 Low Jan 13
  • SUP 3: 134.840 Low Jan 12 and a bear trigger
  • SUP 4: 134.620 1.00 proj of Dec 11 - Jan 12 sell-off from Jan 27 high

BOBL futures traded lower again yesterday extending the recent sell-off from 135.480, Jan 27 high. The continued weakness this week has seen price trade below support at 134.970, Jan 22 low. The break of this level strengthens a bearish argument and signals scope for a move towards the key support at 134.840, the Jan 12 low and a bear trigger. Initial resistance is seen at 135.170, the 20-day EMA.

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