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(U0) Watching Nearby Resistance

BOBL TECHS
  • RES 4: 135.000 High Aug 12
  • RES 3: 134.880 20-day EMA
  • RES 2: 134.870 High Aug 13
  • RES 1: 134.840 High Aug 18
  • PRICE: 134.820 @ 04:55 BST Aug 19
  • SUP 1: 134.450 Low Aug 14 and the bear trigger
  • 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 traded higher again yesterday as the correction extends. The outlook however remains 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. This has exposed 134.410, Jun 17 low and the Fibonacci retracement at 134.386. Price action needs to trade convincingly above 134.870, Aug 13 high to suggest potential for some base building.

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