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(M1) Needle Still Points South

BOBL TECHS
  • RES 4: 135.440 High Mar 29
  • RES 3: 135.350 High Apr 8 and key near-term resistance
  • RES 2: 135.180 High Apr 14
  • RES 1: 135.062 20-day EMA
  • PRICE: 134.930 @ 05:10 BST Apr 21
  • SUP 1: 134.660 Low Apr 20 and intraday bear trigger
  • SUP 2: 134.446 76.4% retracement of the Feb 26 - Mar 25 rally
  • SUP 3: 134.140 Low Feb 26 and key support
  • SUP 4: 134.00 Round number support

Bobl futures maintain a bearish tone despite yesterday's recovery. The contract recently breached support at 134.780, Mar 9 low reinforcing a bearish theme and signalling scope for a deeper sell-off. Attention is on 134.466, a Fibonacci retracement of the rally between Feb 26 - Mar 25. Further out, continued weakness would open 134.140, Feb 26 low and the key support. Initial resistance is at 135.062, the 20-day EMA.

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