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(M1) 50-day EMA Remains Intact

BOBL TECHS
  • RES 4: 135.350 High Apr 8
  • RES 3: 135.180 High Apr 14
  • RES 2: 135.045/50 50-day EMA / High Apr 22
  • RES 1: 135.040 High May 6
  • PRICE: 134.780 @ 05:03 BST May 10
  • SUP 1: 134.690 Low May 4
  • SUP 2: 134.560 Low May 3 and the bear trigger
  • SUP 3: 134.466 76.4% retracement of the Feb 26 - Mar 25 rally
  • SUP 4: 134.140 Low Feb 26 and key support

Bobl futures traded higher last week but stalled at 135.040, Apr 6 high. Despite recent gains, a downtrend remains intact and gains are considered corrective. The area around the 50-day EMA at 135.045 represents a key near-term resistance area. A resumption of weakness would again open 134.466, a Fibonacci retracement. For bulls, clearance of the 50-day EMA would alter the picture and instead highlight a stronger short-term outlook.

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