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(U4) Trend Needle Points South

BOBL TECHS
  • RES 4: 116.750 High May 16 and the bull trigger
  • RES 2: 116.420 High May 17
  • RES 3: 116.351 76.4% retracement of the May 16 - 31 bear leg
  • RES 1: 115.871/116.160 20-day EMA / High Jun 4 and key resistance
  • PRICE: 115.390 @ 05:55 BST Jun 10
  • SUP 1: 115.270 Low Jun 7
  • SUP 2: 115.060 Low May 31 and the bear trigger
  • SUP 3: 115.000 Round number support
  • SUP 4: 114.869 0.764 proj of the May 16 - 31 - Jun 4 price swing

A primary downtrend in Bobl futures remains intact and recent gains appear to have been a correction. The contract did trade through the 20-day EMA but has since reversed lower. Resistance to watch is 116.160, the Jun 4 high and a break of this level would highlight a short-term reversal. For bears, attention is on the key short-term support at 115.060, the May 31 low. A breach of this support would confirm a resumption of the downtrend.BOBL TECHS: (U4) Trend Needle Points South

  • RES 4: 116.750 High May 16 and the bull trigger
  • RES 2: 116.420 High May 17
  • RES 3: 116.351 76.4% retracement of the May 16 - 31 bear leg
  • RES 1: 115.871/116.160 20-day EMA / High Jun 4 and key resistance
  • PRICE: 115.390 @ 05:55 BST Jun 10
  • SUP 1: 115.270 Low Jun 7
  • SUP 2: 115.060 Low May 31 and the bear trigger
  • SUP 3: 115.000 Round number support
  • SUP 4: 114.869 0.764 proj of the May 16 - 31 - Jun 4 price swing

A primary downtrend in Bobl futures remains intact and recent gains appear to have been a correction. The contract did trade through the 20-day EMA but has since reversed lower. Resistance to watch is 116.160, the Jun 4 high and a break of this level would highlight a short-term reversal. For bears, attention is on the key short-term support at 115.060, the May 31 low. A breach of this support would confirm a resumption of the downtrend.

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