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(M2) Resumes Its Downtrend

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: 130.870/131.359 High MAr 18 / 20-day EMA
  • PRICE: 129.860 @ 05:16 GMT Mar 22
  • SUP 1: 129.554 123.6% 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 started the week on a softer note, trading through last week’s low of 130.300 on 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 129.554 next, the 123.6% retracement of the Feb 8 - Mar 7 upleg. The 20-day EMA at 131.359 is seen as a firm resistance.

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