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(M3) Short-Term Trend Outlook Remains Bullish

BOBL TECHS
  • RES 4: 120.130 High Mar 24
  • RES 3: 119.621 76.4% retracement of the Mar 20 - Apr 19 downleg
  • RES 2: 119.190 High Apr 6
  • RES 1: 118.590/119.120 High May 10 / 4
  • PRICE: 118.410 @ 05:24 BST May 11
  • SUP 1: 117.930 Low May 10
  • SUP 2: 117.923 20-day EMA
  • SUP 3: 117.370 Low May 2
  • SUP 4: 116.890/420 Low Apr 28 / 19 and the bear trigger

A bullish theme in Bobl futures remains intact and price is trading above the 20-day EMA. The contract recently cleared 118.030, the Apr 26 high, and this confirmed a resumption of the bull cycle that started Apr 19. The focus is on a 119.190 next, the Apr 6 high and 119.621, a Fibonacci retracement. Key support has been defined at 116.420, the Apr 19 low. Initial firm support is at 117.923, the 20-day EMA.

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