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(U3) Bearish Theme Remains Intact

BOBL TECHS
  • RES 4: 116.600 High Jul 19 and the bull trigger
  • RES 3: 116.340 High Aug 8
  • RES 2: 115.813 50-day EMA
  • RES 1: 115.602 20-day EMA
  • PRICE: 115.290 @ 05:16 BST Aug 16
  • SUP 1: 114.970/114.710 Low Aug 16 and 17 / Low Aug 15
  • SUP 2: 114.550 Low Jul 7 and a key support
  • SUP 3: 114.180 Low Mar 7 (cont)
  • SUP 4: 114.130 Low Mar 6 (cont) and a major support

Bobl futures remain in a bearish mode and the latest recovery appears to be a correction. Support at 115.230, the Jul 13 and Aug 4 low, has been cleared and this signals scope for weakness towards 114.550, the Jul 7 low and the next key support. Clearance of this level would represent an important technical break. On the upside, firm resistance is seen at 115.550, the 20-day EMA.

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