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(M2) Needle Still Points South
- RES 4: 132.370 High Mar 10
- RES 3: 131.550 High Mar 11
- RES 2: 131.081 20-day EMA
- RES 1: 130.300 Low Mar 16
- PRICE: 129.970 @ 05:02 GMT Mar 24
- SUP 1: 129.544 123.6% retracement of the Feb 8 - Mar 7 upleg
- SUP 2: 129.008 138.2% retracement of the Feb 8 - Mar 7 upleg
- SUP 3: 128.820 Low Dec 4 2015 (cont)
- SUP 4: 128.340 Low Sep 17 2015 (cont)
Bobl futures are trading near recent lows and remain vulnerable. The contract has traded through last week’s low of 130.300 (Mar 16). This has confirmed a resumption of the underlying downtrend and maintains the broader bearish price sequence of lower lows and lower highs. The break lower paves the way for a move towards 129.544 next, the 123.6% retracement of the Feb 8 - Mar 7 upleg. The 20-day EMA at 131.081 is seen as a firm resistance.
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