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(M1) Needle Still Points South

BOBL TECHS
  • RES 4: 135.350 High Apr 8 and key near-term resistance
  • RES 3: 135.180 High Apr 14
  • RES 2: 134.050 High Apr 22 and key short-term resistance
  • RES 1: 134.880 High Apr 29
  • PRICE: 134.750 @ 05:15 BST May 3
  • SUP 1: 134.590 Low Apr 29
  • SUP 2: 134.466 76.4% retracement of the Feb 26 - Mar 25 rally
  • SUP 3: 134.140 Low Feb 26 and key support
  • SUP 4: 134.000 Round number support

Bobl futures traded lower Apr 29. This resulted in a break of support at 134.660, Apr 20 / 28 low and last week's bear trigger. The break lower strengthens a bearish case and paves the way for a move towards 134.466, a Fibonacci retracement. Clearance of this retracement would set the scene for a test of the key support at 134.140, Feb 26 low. A key short-term resistance has been defined at 135.050, Apr 22 high.

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