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(U2) Remains Soft

BOBL TECHS
  • RES 4: 127.580 High Aug 10
  • RES 3: 127.290 High Aug 15
  • RES 2: 126.930 High Aug 17
  • RES 1: 125.100/847 High Aug 23 / 50-day EMA
  • PRICE: 124.760 @ 05:18 BST Aug 26
  • SUP 1: 124.260 Low Aug 24
  • SUP 2: 124.030 Low Jul 21 and a reversal trigger
  • SUP 3: 123.309 61.8% retracement of the Jun 16 - Aug 2 rally
  • SUP 4: 122.180 Low Jun 29

Bobl futures remain bearish and the contract is trading closer to its recent lows. The 50-day EMA has recently been breached and the deeper pullback has opened 124.030, the Jul 21 low and a reversal trigger. Note that the contract has this month also breached a trendline support drawn from the Jun 16 low, reinforcing bearish conditions. Initial firm resistance is seen at the 50-day EMA at 125.847.

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