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(U3) Bearish Outlook

BOBL TECHS
  • RES 4: 118.000 Round number resistance
  • RES 3: 117.700 High Jun 1 and key short-term resistance
  • RES 2: 117.200 High Jun 6
  • RES 1: 116.670/117.010 50.0% of the Jun 7 range / High Jun 7
  • PRICE: 116.560 @ 05:01 BST Jun 9
  • SUP 1: 116.250 Low Jun 8
  • SUP 2: 116.00 Round number support
  • SUP 3: 115.970 Low May 29
  • SUP 4: 115.870 Low May 26 and key support

Bobl futures maintain a softer tone and Wednesday’s sharp move lower reinforced bearish conditions. The contract has breached support at 116.400, the May 30 low and pierced 116.302, 76.4% of the May 26 - Jun 1 rally. A clear break of 116.302 would expose key support at 115.870, the May 26 low. On the upside, a key near-term resistance is seen at 117.200, the Jun 6 high, where a break is required to ease bearish pressure.

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