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(M2) Trend Needle Still Points South

  • RES 4: 131.550 High Mar 11
  • RES 3: 130.870 High Mar 18
  • RES 2: 130.604 20-day EMA
  • RES 1: 129.770 High Mar 25
  • PRICE: 128.800 @ 05:00 GMT Mar 29
  • SUP 1: 128.580 Low Mar 28
  • SUP 2: 128.340 Low Sep 17 2015 (cont)
  • SUP 3: 128.000 Round number support
  • SUP 4: 127.750 Low Jun 5 2015 (cont)

Bobl futures traded lower again Monday with bearish momentum conditions continuing to dominate. The move lower has again 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 128.340 next, the Sep 14 2015 low (cont). The 20-day EMA at 130.604 is seen as a firm resistance.

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