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(U1) Bearish Tone

BOBL TECHS
  • RES 4: 135.640 High Aug 05 and the bull trigger
  • RES 4: 135.430 High Aug 20 a key near-term resistance
  • RES 3: 135.340 Aug 25 high
  • RES 2: 135.270 High Aug 31
  • PRICE: 135.030 @ 05:04 BST Sep 3
  • SUP 1: 134.890 Low Sep 1
  • SUP 2: 134.750 50.0% retracement of the Jun 22 - Aug 5 rally
  • SUP 3: 134.689 Trendline support drawn from the May 20 low
  • SUP 4: 134.540 61.8% retracement of the Jun 22 - Aug 5 rally

Bobl futures maintain a weaker tone following this week's resumption of the downtrend that started Aug 5. The contract has cleared recent support at 135.040, Aug 27 low and the 50-day EMA. This signals scope for a move towards 134.750 next, a Fibonacci retracement. Further out, trendline support intersects at 134.689. The trendline is drawn from the May 20 low. Key short-term resistance is at 135.270, the Aug 31 high.

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