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(H2) Needle Still Points South

BOBL TECHS
  • RES 4: 133.530 High Dec 29
  • RES 3: 133.250 High Jan 24 and key short-term resistance
  • RES 2: 133.227 50-day EMA
  • RES 1: 132.400/755 Low Jan 19 / 20-day EMA
  • PRICE: 131.980 @ 05:00 GMT Feb 3
  • SUP 1: 131.870 Low Feb 2
  • SUP 2: 131.746 3.236 proj of the Nov 30 - Dec 8 - 20 price swing
  • SUP 3: 131.627 3.382 proj of the Nov 30 - Dec 8 - 20 price swing
  • SUP 4: 131.530 3.50 proj of the Nov 30 - Dec 8 - 20 price swing

Bobl futures remain bearish and the contract traded lower once again yesterday. This week’s breach of support at 132.40, Jan 19 low and a bear trigger, confirmed a resumption of the underlying downtrend and resumed the bearish price sequence of lower lows and lower highs. Moving averages also point south. Attention is on 131.746 next, a Fibonacci projection. Key resistance has been defined at 133.250, the Jan 24 high.

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