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(M3) Short-Term Bear Cycle Still In Play

BOBL TECHS
  • RES 4: 119.190 High Apr 6
  • RES 3: 119.120 High May 4 and key short-term resistance
  • RES 2: 118.610/119.020 High May 16 / 11
  • RES 1: 117.926 20-day EMA
  • PRICE: 117.450 @ 05:05 BST May 22
  • SUP 1: 117.020 Low May 19
  • SUP 2: 116.890 Low Apr 28
  • SUP 3: 116.720 Low Apr 25
  • SUP 4: 116.420 Low Apr19 and the bear trigger

Bobl futures traded lower again Friday and the short-term outlook remains bearish. The contract last week breached support at 117.930, the May 10 low. The break signals scope for an extension lower and opens 116.890, the Apr 28 low. On the upside, 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 117.926, the 20-day EMA.

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