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(U0) Bearish Despite Bounce

BOBL TECHS
  • RES 4: 135.240 High Aug 6
  • RES 3: 135.140 High Aug 21 and key resistance
  • RES 2: 134.970 High Aug 25
  • RES 1: 134.845/860 50-day and 20-day EMA
  • PRICE: 134.730 @ 05:14 BST Aug 27
  • SUP 1: 134.540 Low Aug 26
  • SUP 2: 134.450 Low Aug 14 and the bear trigger
  • SUP 3: 134.410 Low Aug 17
  • SUP 4: 134.336 61.8% retracement of the Jun - late Jul rally

BOBL futures maintain a bearish tone despite the recovery off yesterday's low. The Aug 21 high of 135.140, just above 76.4% of the Jul 31 - Aug 14 sell-off at 135.138, remains a key near-term resistance. The sharp sell-off this week signals scope for a deeper pullback as a bearish theme starts to dominate once again. The focus is on the key support at 134.450, Aug 14 low. Initial firm resistance is at 134.970, yesterday's high.

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