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(U2) Bearish Outlook Intact

BOBL TECHS
  • RES 4: 126.930 High Aug 17
  • RES 3: 126.070 High Aug 18
  • RES 2: 125.605 50-day EMA
  • RES 1: 123.980/124.930 High Aug 30 / High Aug 25
  • PRICE: 123.410 @ 05:06 BST Aug 31
  • SUP 1: 123.010 Low Jun 30
  • SUP 2: 122.022 76.4% retracement of the Jun 16 - Aug 2 rally
  • SUP 3: 120.990 Low Jun 21
  • SUP 4: 119.940 Low Jun 16

Bobl futures remain bearish and the contract continues to trade at its recent lows. Price has moved further away from the 50-day EMA - the recent break of the average strengthened bearish conditions. The focus is on 123.010 next, the Jun 30 low. Further out, the 120.00 handle beckons. Key short-term resistance has been defined at 124.930, the Aug 25 high. A break of this level is required to ease bearish pressure.

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