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(M3) Bullish Outlook

BOBL TECHS
  • RES 4: 119.190 High Apr 6
  • RES 3: 119.009 61.8 retracement of the Mar 20 - Apr 19 downleg
  • RES 2: 118.515 50.0% retracement of the Mar 20 - Apr 19 downleg
  • RES 1: 118.430 High May 2
  • PRICE: 118.240 @ 05:33 BST May 3
  • SUP 1: 117.370 Low May 2
  • SUP 2: 116.890/420 Low Apr 28 / 19 and the bear trigger
  • SUP 3: 116.370 Low Mar 15
  • SUP 4: 116.125 76.4% retracement of the Mar 6 - 20 rally

A strong recovery in Bobl futures on Tuesday reinforces a bullish theme - the contract has cleared recent resistance at 118.030, the Apr 26 high, to confirm a resumption of the bull cycle that started Apr 19. The focus is on a climb towards 118.515 next, a Fibonacci retracement. On the downside, key support has been defined at 116.420, the Apr 19 low, where a break would reinstate a bearish theme. Initial support is at 117.370, Tuesday’s low.

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