(U9) Correction lower still seen.........>

BOBL TECHS: (U9) Correction lower still seen likely

*RES 4: 112.450/61 Range breakout projection / Channel top drawn off May 10 low

*RES 3: 112.400 Round number resistance

*RES 2: 112.385 Contract high July 24

*RES 1: 112.310 High Jul 26 and Jul 30

*PRICE: 112.300 @ 03:04 GMT July 31

*SUP 1: 112.260 Low Jul 18 and 26

*SUP 2: 112.235 Low Jul 16

*SUP 3: 112.214 Bull channel base drawn of the May 10 low

*SUP 4: 112.210 Low Jul 10 and key support

U9 Schatz failed to hold onto its highs last week and this is seen weighing on

sentiment. Candle patterns suggest a top is likely in place. A doji formation on

Jul 24 followed by a bearish engulfing the following day, warns a correction is

likely near-term. Reinforcing this, prices traded below the Jul 25 low of

112.265 last Friday, signalling scope for weakness towards 112.210, the Jul 10

low. A break of 112.385 resistance is required to negate these bearish patterns.