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(U2) Fresh Cycle Low

BOBL TECHS
  • RES 4: 124.783 20-day EMA
  • RES 3: 124.490 High Jun 3
  • RES 2: 124.190 High Jun 9
  • RES 1: 123.280 High Jun 10
  • PRICE: 122.180 @ 05:28 BST Jun 13
  • SUP 1: 122.050 2.618 proj of the May 12 - 18 - 26 price swing
  • SUP 2: 121.370 3.00 proj of the May 12 - 18 - 26 price swing
  • SUP 3: 120.950 3.236 proj of the May 12 - 18 - 26 price swing
  • SUP 4: 122.690 3.382 proj of the May 12 - 18 - 26 price swing

Bobl futures remain soft with a fresh low print registered again today. The downtrend accelerated last week and this suggests scope for a continuation lower. The recent breach of 124.840, May 6 low confirmed a resumption of the primary downtrend and has maintained the bearish price sequence of lower lows and lower highs. The focus is on 122.050 next, a Fibonacci projection. Initial firm resistance is still seen at 124.783, the 20-day EMA.

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