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(Z1) Bearish Pressure

BOBL TECHS
  • RES 4: 136.150 High Aug 24
  • RES 4: 136.030 High Aug 30 , 31 and key near-term resistance
  • RES 3: 135.870 High Sep 3
  • RES 2: 135.660 High sep 7
  • PRICE: 135.380 @ 05:16 BST Sep 8
  • SUP 1: 135.350 Intraday low
  • SUP 2: 135.324 1.764 proj of the Aug 20 - 27 - 31 price swing
  • SUP 3: 135.230 2.00 proj of the Aug 20 - 27 - 31 price swing
  • SUP 4: 135.136 2.236 proj of the Aug 20 - 27 - 31 price swing

Bobl futures maintain a weaker tone and yesterday resumed the downtrend. Yesterday's sell-off marks an extension of the bearish sequence of lower lows and lower high and note that the contract has recently traded through the 50-day EMA on the continuation chart, reinforcing bearish conditions. The focus is on 135.324 next, a Fibonacci projection. Initial resistance is seen at yesterday's high of 135.660.

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