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(M2) Fresh Cycle Lows

BOBL TECHS
  • RES 4: 129.350 High Apr 4 and a reversal point
  • RES 3: 128.830 High Apr 7
  • RES 2: 128.310 High Apr 14/28 and a key near-term resistance
  • RES 1: 127.548 20-day EMA
  • PRICE: 126.260 @ 05:30 BST May 9
  • SUP 1: 126.010 Low May 6
  • SUP 2: 126.00 Round number support
  • SUP 3: 125.450 0.618 proj of the Mar 7 - 29 - Apr 4 price swing
  • SUP 4: 125.260 Low Apr 24 20014 (cont)

Bobl futures traded lower Friday. Fresh cycle lows once again reinforce the primary downtrend, maintaining the broader bearish price sequence of lower lows and lower highs. Note that moving averages continue to point south, highlighting current sentiment. The break lower signal scope for weakness towards 125.450 next, a Fibonacci projection. Key short-term trend resistance has been defined at 128.310, the Apr 14/28 high.

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