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(M3) Short-Term Recovery Extends

BOBL TECHS
  • RES 4: 119.020 High May 11
  • RES 3: 118.610 High May 11
  • RES 2: 118.240 High May 17
  • RES 1: 118.000 Round number resistance
  • PRICE: 117.830 @ 05:29 BST May 31
  • SUP 1: 117.080/116.550 Low May 30 / 26
  • SUP 2: 116.420 Low Apr 19 and the bear trigger
  • SUP 3: 116.170 Low Mar 13
  • SUP 4: 115.700 Low Mar 10

Bobl futures started the week on a firmer note and the contract is trading higher again today. Price is also trading above both the 20- and 50-day EMAs and this strengthens the short-term bull cycle. A continuation higher would open the 118.000 handle and 118.240, the May 17 high. Further out, key short-term resistance is at 119.120, the May 4 high. On the downside, initial support is at yesterday’s low of 117.080. A break would be bearish.

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