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(M2) Consolidation Mode

BOBL TECHS
  • RES 4: 130.160 High Mar 23
  • RES 3: 129.989 50-day EMA
  • RES 2: 129.350 High Apr 4 and a key trend resistance
  • RES 1: 128.310/575 High Apr 8 / 20-day EMA
  • PRICE: 127.6540 @ 05:12 BST Apr 21
  • SUP 1: 127.120 Low Apr 12 and the bear trigger
  • SUP 2: 126.940 0.382 proj of the Mar 7 - 29 - Apr 4 price swing
  • SUP 3: 126.480 Low Jun 5 2014 (cont)
  • SUP 4: 126.196 0.50 proj of the Mar 7 - 29 - Apr 4 price swing

Bobl futures are consolidating. The primary downtrend remains intact though. A fresh cycle low on Apr 12 confirmed a resumption of the trend. The move lower maintains the broader bearish price sequence of lower lows and lower highs and note that moving averages also point south. The focus is on a 126.940, a Fibonacci projection. Key short-term trend resistance has been defined at 129.350, the Apr 4 high. Initial resistance is at 128.310.

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