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(M2) Resistance Remains Intact

BOBL TECHS
  • RES 4: 129.350 High Apr 4 and a reversal point
  • RES 3: 128.830 High Apr 7
  • RES 2: 128.553 50-day EMA
  • RES 1: 128.380 High May 12
  • PRICE: 127.080 @ 05:07 BST May 18
  • SUP 1: 126.770/126.010 Low May 11 / 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 continue to trade above recent lows but have pulled away from last week’s highs. Price has recently probed resistance at 128.310, the Apr 14/28 high. A continuation higher and a clear breach of this resistance would signal scope for a test of the 50-day EMA at 128.553. Short-term gains are considered corrective and the primary trend direction is down. A continuation lower would refocus attention on key support at 126.010.

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