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(M3) Bear Cycle Remains In Play

BOBL TECHS
  • RES 4: 120.130 High Mar 24
  • RES 3: 119.307 61.8% retracement of the Mar 20 - 31 downleg
  • RES 2: 118.420/119.190 High Apr 11 / High Mar 27
  • RES 1: 117.869 20-day EMA
  • PRICE: 117.190 @ 05:13 BST Apr 17
  • SUP 1: 117.080 Intraday low
  • SUP 2: 116.982 61.8% retracement of the Mar 6 - 20 rally
  • SUP 3: 116.370 Low Mar 15
  • SUP 4: 116.125 76.4% retracement of the Mar 6 - 20 rally

Bobl futures traded lower again Friday and the outlook remains bearish. The contract has breached support at 117.200, the Mar 31 low. This reinforces the bearish theme and opens 116.982, a Fibonacci retracement. For bulls, a resumption of gains would refocus attention on 119.190, the Mar 27 high and the trigger for a stronger short-term climb. Initial resistance is seen at 117.869, the 20-day EMA.

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