May 23, 2024 05:02 GMT
(M4) Key Support Remains Exposed
BOBL TECHS
- RES 4: 117.880 High Apr 15
- RES 2: 117.620 High Apr 19
- RES 3: 117.090/440 High 50-day EMA / May 16
- RES 1: 116.877 20-day EMA
- PRICE: 116.500 @ 05:37 BST May 23
- SUP 1: 116.420 Low May 22
- SUP 2: 116.230 Low Apr 30 and a bear trigger
- SUP 3: 116.135 1.50 proj of the Mar 8 - 18 - 27 price swing
- SUP 4: 116.000 Round number support
Bobl futures traded sharply higher on May 15 and the move highlighted a potential short-term reversal. However, clearance of 117.440, the May 16 high, is required to strengthen a bullish theme and note this would also highlight a breach of the 50-day EMA, at 117.291. The pullback from last week’s peak exposes key support at 116.230, the Apr 30 low. A break of this level would confirm a resumption of the downtrend.
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