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(M2) Pullback Considered Corrective

BOBL TECHS
  • RES 4: 135.000 Round number resistance
  • RES 3: 134.660 0.764 proj of the Feb 25 - Mar 1 - Mar 3 price swing
  • RES 2: 134.240 0.618 proj of the Feb 25 - Mar 1 - Mar 3 price swing
  • RES 1: 134.080 High Mar 7
  • PRICE: 132.990 @ 05:09 GMT Mar 8
  • SUP 1: 132.460 Low Mar 3 and key near-term support
  • SUP 2: 131.050 Low Feb 25
  • SUP 3: 130.780 Low Feb 23
  • SUP 4: 130.410 Low Feb 8 and a key support

Bobl futures remain bullish and the contract traded to a fresh cycle high Monday, before pulling back. The move higher confirms a resumption of the current uptrend and maintains a bullish price sequence of higher highs and higher lows - the definition of an uptrend. This opens 134.240 next, a Fibonacci projection. A firm short-term support has been defined at 132.460, the Mar 3 low. A break would signal a potential short-term top.

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