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(U0) Downside Pressure Likely To Persist

BOBL TECHS
  • RES 4: 135.000 High Aug 12
  • RES 3: 134.902 20-day EMA
  • RES 2: 134.870 High Aug 13
  • RES 1: 134.660 Low Aug 12
  • PRICE: 134.610 @ 05:06 BST Aug 17
  • SUP 1: 134.450 Low Aug 14
  • SUP 2: 134.410 Low Jun 17
  • SUP 3: 134.386 61.8% retracement of the Jun - Aug rally
  • SUP 4: 134.210 Low Jun 11

BOBL futures are likely to remain under pressure near-term following its recent sell-off. Last week saw a number of key support levels breached, the most recent being a move through 134.510, Jul 2 low on Friday. This has exposed 134.410, Jun 17 low and the Fibonacci retracement at 134.386. Price action needs to trade above 134.870, Aug 13 high to suggest potential for some base building.

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