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(H1) Bears Return

  • RES 4: 135.480 High Jan 27 and key resistance
  • RES 3: 135.370 High Jan 29
  • RES 2: 135.173 50-day EMA
  • RES 1: 135.150 High Feb 11
  • PRICE: 134.840 @ 05:04 GMT Feb 15
  • SUP 1: 134.840 Intraday low
  • SUP 2: 134.790 Low Feb 5 and the bear trigger
  • SUP 3: 134.620 1.00 proj of Dec 11 - Jan 12 sell-off from Jan 27 high
  • SUP 4: 134.530 Low Sep 1, 2020 (cont)

Last week's BOBL futures gains were part of a correction and a bearish theme has returned. A bearish theme dominates following the recent sell-off from 135.480, Jan 27 high. This downleg saw price trade below 134.840, Jan 12 low and a bear trigger. The break strengthens a bearish argument and signals scope for 134.620, a Fibonacci projection. Initial firm resistance is seen at 135.150, the Feb 11 high.

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