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(M1) Eying The Feb 26 Low

  • 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: 134.754 20-day EMA
  • PRICE: 134.460 @ 05:02 BST May 17
  • SUP 1: 134.300 Low May 13
  • 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 traded lower last week to hit new cycle lows of 134.300 on May 13. This confirms a resumption of 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 zonal would signal scope for further losses toward the 2020 lows. Key resistance is at 135.040, May 6 high.

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