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(M1) Outlook Remains Bearish

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: 134.510/606 High May 17 / 20-day EMA
  • PRICE: 134.500 @ 05:16 BST May 24
  • SUP 1: 134.180 Low May 19
  • 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 134.180 on May 19. This reinforced the bearish cycle that started Mar 25 and confirmed a resumption of the underlying downtrend. It also opens the end-Feb lows next. Support is layered between 134.00-134.14. Clearance of this zone would confirm a resumption of the broader downtrend. Key S/T resistance is at 134.510/606, May 17 high and the 20-day EMA. Gains are considered corrective.

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