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(Z0) Focus Is On Key Resistance

BOBL TECHS
  • RES 4: 135.508 1.382 retrace extension of the Aug 21 - Sep 1 sell-off
  • RES 3: 135.413 1.236 retrace extension of the Aug 21 - Sep 1 sell-off
  • RES 2: 135.200 High Aug 6
  • RES 1: 135.260 High Aug 21, high Sep 3 and the bull trigger
  • PRICE: 135.030 @ 04:37 BST Sep 7
  • SUP 1: 135.000 Low Sep 4
  • SUP 2: 134.900 Low Sep 2
  • SUP 3: 134.858 61.8% retracement of the Sep 1 - 3 rally
  • SUP 4: 134.610 Low Sep 1 and major support

BOBL futures have pulled back from their recent highs but maintain a bullish outlook. The sharp reversal higher last week brings into focus resistance at 135.26, Aug 21 and Sep 3 high. A clear breach of this level would reinforce the bullish backdrop highlighted by last week's gains and signal scope for an extension higher towards 135.413 initially, a Fibonacci extension based on the Aug 21 - Sep 1 decline. Initial support is at 1354.900, the Sep 2 low.

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