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(M2) Needle Still Points South

BOBL TECHS
  • RES 4: 134.080 High Mar 7 and the bull trigger
  • RES 3: 133.390 High Mar 8
  • RES 2: 132.590 High Mar 9
  • RES 1: 131.473 20-day EMA
  • PRICE: 130.560 @ 05:18 GMT Mar 21
  • SUP 1: 130.300 Low Mar 16
  • SUP 2: 130.000 Round number support
  • SUP 3: 129.554 123.6% retracement of the Feb 8 - Mar 7 upleg
  • SUP 4: 128.820 Low Dec 4 2015 (cont)

Bobl futures are in a consolidation mode near recent lows. The bear cycle that started off 134.080, Mar 7 high remains intact. Support at 132.130, the Mar 1 low and 131.726, the 76.4% retracement of the Feb 8 - Mar 7 rally, have recently been cleared. This suggested potential for a continuation lower and support at 130.410, the Feb 8 low has also been probed. A clear break would strengthen bearish conditions. Initial firm resistance is at 131.473.

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