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(M2) Outlook Remains Bearish

BOBL TECHS
  • RES 4: 130.160 High Mar 23
  • RES 3: 130.083 50-day EMA
  • RES 2: 129.350 High Apr 4 and a key trend resistance
  • RES 1: 128.310/671 High Apr 8 / 20-day EMA
  • PRICE: 127.430 @ 04:57 BST Apr 20
  • 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 remain in a clear downtrend. A fresh cycle low on Apr 12 confirmed a resumption of the primary downtrend. The move lower maintains the broader bearish price sequence of lower lows and lower highs and note that moving averages continue to point south. The focus is on a move towards 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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