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(H2) Corrective Bounce

BOBL TECHS
  • RES 4: 133.530 High Dec 29
  • RES 3: 133.260 High Jan 3 and 4
  • RES 2: 133.110 High Jan 6 and 13 and key resistance
  • RES 1: 133.031 20-day EMA
  • PRICE: 132.850 @ 05:08 GMT Jan 21
  • SUP 1: 132.400 Low Jan 19 and the bear trigger
  • SUP 2: 132.350 2.50 proj of the Nov 30 - Dec 8 - 20 price swing
  • SUP 3: 132.253 2.618 proj of the Nov 30 - Dec 8 - 20 price swing
  • SUP 4: 132.230 Low Mar 19, 2019 (cont)

Despite the most recent bounce, trend conditions in Bobl futures remain bearish. Price earlier this week breached former support at 132.620, Jan 11 low and a bear trigger. This confirmed a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. The move lower opens 132.350 next, a Fibonacci projection level. On the upside, key short-term resistance to watch is seen at 133.110, Jan 6 and 13 high.

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