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(U0) Still In A Corrective Phase

BOBL TECHS
  • RES 4: 135.240 High Aug 6
  • RES 3: 135.135 76.4% retracement of the Jul 31 - Aug 14 sell-off
  • RES 2: 135.006 61.8% retracement of the Jul 31 - Aug 14 sell-off
  • RES 1: 134.980 High Aug 19
  • PRICE: 134.920 @ 04:54 BST Aug 20
  • SUP 1: 134.710 Low Aug 18
  • SUP 2: 134.450 Low Aug 14 and the bear trigger
  • SUP 3: 134.410 Low Jun 17
  • SUP 4: 134.386 61.8% retracement of the Jun - Aug rally

BOBL futures traded higher again yesterday.. The contract did however find resistance at the day high of 134.980. These recent gains continue to be viewed as a correction with the outlook still bearish. Last week saw a number of key support levels breached, the most recent being a move through 134.510, Jul 2 low on Aug 14. Key resistance for today is seen at 135.006, a retracement level. A break would expose 135.138.

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