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(H4) Bear Cycle Still In Play

BOBL TECHS
  • RES 4: 117.730 High Feb 7
  • RES 3: 117.240 High Feb 15
  • RES 2: 117.127 50-day EMA
  • RES 1: 116.648 20-day EMA
  • PRICE: 116.290 @ 05:36 GMT Mar 5
  • SUP 1: 115.710 Low Feb 29
  • SUP 2: 115.508 1.236 proj of the Dec 27 - Jan 25 - Feb 1 price swing
  • SUP 3: 115.480 Low Oct 26 (cont)
  • SUP 4: 115.136 1.382 proj of the Dec 27 - Jan 25 - Feb 1 price swing

A bearish cycle in Bobl futures remains in play and last week’s fresh cycle low reinforces current conditions. Short-term gains are considered corrective. Recent weakness confirms once again a resumption of the downtrend that started Dec 27. Sights are on 115.508, a Fibonacci projection. Initial firm resistance is seen at 116.648, the 20-day EMA, ahead of 117.127, the 50-day EMA.

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