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BOBL TECHS

(Z1) Outlook Remains Bearish

BUND TECHS

(Z1) Bearish Price Sequence Intact

INDIA

Bond Index Inclusion Boost Expected

FOREX

High Beta Currencies Pressured

EQUITIES

Defensive Start To The Week

OIL

Negative Start

(H1) Correction Extends

BOBL TECHS
  • RES 4: 135.480 High Jan 27 and key resistance
  • RES 3: 135.370 High Jan 29
  • RES 2: 135.182 50-day EMA
  • RES 1: 135.150 High Feb 11
  • PRICE: 135.050 @ 05:07 GMT Feb 12
  • SUP 1: 134.910 Low Feb 10
  • 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)

BOBL futures gains this week are considered corrective. A weaker outlook remains intact following the recent sell-off from 135.480, Jan 27 high. This downleg saw price trade below support at 134.970, Jan 22 low and 134.840, Jan 12 low and a bear trigger. The break of the latter level strengthens a bearish argument and signals scope for 134.620, a Fibonacci projection. Initial firm resistance is seen at the Feb 5 high of 135.182, the 50-day EMA.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com