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(M3) Bear Cycle Still In Play

BOBL TECHS
  • RES 4: 119.120 High May 4 and key short-term resistance
  • RES 3: 118.610/119.020 High May 16 / 11
  • RES 2: 118.240 High May 17
  • RES 1: 117.795 20-day EMA
  • PRICE: 117.320 @ 05:05 BST May 24
  • SUP 1: 116.960 Low May 23
  • SUP 2: 116.890 Low Apr 28
  • SUP 3: 116.720 Low Apr 25
  • SUP 4: 116.420 Low Apr19 and the bear trigger

The short-term outlook in Bobl futures remains bearish and the contract traded to a fresh short-term trend low yesterday. Price last week breached support at 117.930, May 10 low. This signals scope for an extension lower and opens 116.890, Apr 28 low. Key short-term resistance has been defined at 119.120, the May 4 high where a break is required to reinstate the recent bullish theme. Initial firm resistance is seen at 117.795, the 20-day EMA.

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