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(M1) Bearish Focus

BOBL TECHS
  • RES 4: 135.050 High Apr 22
  • RES 3: 135.040 High May 6 and key short-term resistance
  • RES 2: 134.870 High May 10
  • RES 1: 134.685 20-day EMA
  • PRICE: 134.340 @ 05:10 BST May 19
  • SUP 1: 134.290 Low May 17
  • SUP 2: 134.140 Low Feb 26 and key support
  • SUP 3: 134.000 Round number support
  • SUP 4: 133.340 Low Mar 19, 2020 (cont)

Bobl futures touched a new cycle low of 134.190 Monday. This reinforces the bearish cycle that started Mar 25. The break lower and resumption of weakness also signals scope for a move towards end-Feb lows next, with support layered between 134.00-134.14. Clearance of this zone would confirm a resumption of the broader downtrend. Key resistance is at 135.040, May 6 high. Initial resistance is at 134.685.

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