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(M2) Southbound

BOBL TECHS
  • RES 4: 129.675 50-day EMA
  • RES 3: 129.350 High Apr 4 and a key trend resistance
  • RES 2: 128.224/310 20-day EMA / High Apr 8
  • RES 1: 127.900 High Apr 20
  • PRICE: 127.360 @ 05:25 BST Apr 25
  • SUP 1: 126.660 Low Apr 22
  • SUP 2: 126.480 Low Jun 5 2014 (cont)
  • SUP 3: 126.196 0.50 proj of the Mar 7 - 29 - Apr 4 price swing
  • SUP 4: 126.00 Round number support

Bobl futures gains are considered corrective. The contract traded to fresh cycle lows last week and this reinforces the primary downtrend. The move lower also maintains the broader bearish price sequence of lower lows and lower highs and note that moving averages continue to point south. The focus is on 126.480 next, the Jun 5 2014 low (cont). Key short-term trend resistance has been defined at 128.310, the Apr 14 high.

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