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(U2) Resumes Its Downtrend

BOBL TECHS
  • RES 4: 127.160 High May 12
  • RES 3: 126.710 High May 26
  • RES 2: 125.816 20-day EMA
  • RES 1: 125.380 Low May 18
  • PRICE: 124.410 @ 05:11 BST Jun 3
  • SUP 1: 124.250 1.382 proj of the May 12 - 18 - 26 price swing
  • SUP 2: 124.000 Round number support
  • SUP 3: 123.830 1.618 proj of the May 12 - 18 - 26 price swing
  • SUP 4: 123.570 1.764 proj of the May 12 - 18 - 26 price swing

Bobl futures traded lower again Thursday and the contract maintains this week's bearish theme. Price has traded to a fresh cycle low and through former support at 124.840, the May 6 low. This confirms a resumption of the primary downtrend and maintains the bearish price sequence of lower lows and lower highs. The focus is on 124.00. Initial resistance is seen at 125.380, the May 18 low.

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