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(U0) Downside Argument Remains Evident

BOBL TECHS
  • RES 4: 135.757 76.4% retrace of the May 4 - Jun 10 decline (cont)
  • RES 3: 135.500 High May 22 (cont)
  • RES 2: 135.421 61.8% retrace of the May 4 - Jun 10 decline (cont)
  • RES 1: 135.350 High Jul 31
  • PRICE: 134.840 @ 05:08 BST Aug 13
  • SUP 1: 134.660 Low Aug 12
  • SUP 2: 134.610/560 Low Jul 20 / Low Jul 13
  • SUP 3: 134.510 Low Jul 2 and key support
  • SUP 4: 134.410 Low Jun 17

Despite recovering into the Monday close, the market bias remains in favour of selling rallies. 134.610/560 should provide decent support, suggesting a longer period of consolidation could follow. Markets need to snap back above 135.350 to reignite any upside. A break above here opens 135.421 (cont), 61.8% of the Apr - Jun sell-off.

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