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(Z0) Focus Is On Resistance

  • 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: 135.260 High Aug 21, high Sep 3 and last week's high
  • RES 1: 135.200 High Sep 15
  • PRICE: 135.110 @ 04:34 BST Sep 18
  • SUP 1: 134.900 Low Sep 11 and 18
  • SUP 2: 134.760 Low Sep 11
  • SUP 3: 134.610 Low Sep 1 and major support
  • SUP 4: 134.457 1.236 proj of Aug 21 - Sep 1 sell-off from Sep 9 high

BOBL futures are largely unchanged. The outlook remains constructive following the recent recovery off the Sep 10 low of 134.760. Attention is on key resistance that has been defined at 135.260, a congestion zone. A clear breach of this hurdle would reinforce a bullish backdrop and open 135.413 initially, a Fibonacci extension. Sub 134.760 levels would be bearish though and instead open major support that lies at 134.610, Sep 1 low.

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