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(M2) Maintains A Softer Tone

BOBL TECHS
  • RES 4: 129.350 High Apr 4
  • RES 3: 128.380 High May 12 and a reversal trigger
  • RES 2: 127.930 High May 26
  • RES 1: 127.194 20-day EMA
  • PRICE: 126.220 @ 05:19 BST June 2
  • SUP 1: 126.010 Low May 6 and a bear trigger
  • 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 again Wednesday and continued to extend the pullback from last week’s high of 127.930 (May 26). Trend conditions remain bearish and the move lower highlights a possible resumption of the broader downtrend. Further weakness would open 126.010, May 6 low and the bear trigger. A break would confirm a resumption of the bear cycle. Initial resistance has been defined at 127.930.

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