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(H4) Bearish Trend Structure

  • RES 4: 118.660 High Feb 1 and the reversal trigger
  • RES 3: 118.370 High Feb 2
  • RES 2: 117.880 High Feb 5
  • RES 1: 117.480 20-day EMA
  • PRICE: 116.630 @ 08:23 GMT Feb 21
  • SUP 1: 116.440 Low Feb 19
  • SUP 2: 116.390 Low Nov 28
  • SUP 3: 116.110 1.00 proj of the Dec 27 - Jan 25 - Feb 1 price swing
  • SUP 4: 115.820 Low Nov 24

A bearish cycle in Bobl futures remains intact. Recent weakness resulted in the breach of key support and a bear trigger at 117.280, the Jan 25 low. The clear break confirms a resumption of the bear cycle that started Dec 27 and sights are on 116.390, the Nov 28 low. On the upside, key short-term resistance has been defined at 118.660, the Feb 1 high. A break would be a bullish development.

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