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PORTUGAL AUCTION RESULTS

Reverse auction

SOY TECHS

(X1) Corrective Bounce

MNI EXCLUSIVE

Scope Ratings' Shen On Prospects For Greece's Credit Rating

COPPER TECHS

(Z1) Trend Condition Remains Bullish

(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: 134.597 20-day EMA
  • PRICE: 134.530 @ 05:17 BST May 25
  • 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 short-term resistance is at 134.597, the 20-day EMA. Current gains are considered corrective.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com