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(U3) Bearish Outlook Intact

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: 116.810/117.010 High Jun 9 / 7
  • PRICE: 116.640 @ 04:50 BST Jun 12
  • 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 last Wednesday’s sharp move lower reinforced bearish conditions. The latest recovery is considered corrective. 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. A key near-term resistance is seen at 117.200, the Jun 6 high, where a break would ease bearish pressure.

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