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(Z0) Testing A Key Resistance Zone

BOBL TECHS
  • RES 4: 135.600 Low Nov 4
  • RES 3: 135.310 Former trendline support drawn off the Sep 1 high
  • RES 2: 135.460 20-day EMA
  • RES 1: 135.440 High Nov 16 and 18
  • PRICE: 135.380 @ 04:56 GMT Nov 19
  • SUP 1: 135.170 Low Nov 16
  • SUP 2: 135.000 Low Nov 11
  • SUP 3: 134.945 76.4% retracement of the Sep 1 - Nov 4 rally
  • SUP 4: 134.900 Low Sep 17

BOBL futures sold off sharply Nov 9 and this sell-off continues to highlight a bearish risk. The recovery off 135.000, Nov 11 low is considered a correction. The contract is however holding onto recent gains and price is testing a band of resistance highlighted by the 20- and 50-day EMAs. A clear breach of the averages would strengthen a short-term bullish argument and signal scope for a stronger recovery. Initial key support lies at 135.170, Nov 16 low.

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