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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: 118.280/119.190 High Apr 12 / High Mar 27
  • RES 1: 117.160/601 High Apr 18 / 20-day EMA
  • PRICE: 116.700 @ 05:31 BST Apr 20
  • SUP 1: 116.420 Low Apr 19
  • SUP 2: 116.370 Low Mar 15
  • SUP 3: 116.125 76.4% retracement of the Mar 6 - 20 rally
  • SUP 4: 115.700 Low Mar 10

Bobl futures traded lower again Wednesday and the outlook remains bearish. The contract has breached 117.200, the Mar 31 low. This reinforces the bearish theme and the focus is on 116.370, the Mar 15 low. A break of this level would open 116.125, a Fibonacci retracement. For bulls, a resumption of gains would refocus attention on 119.190, Mar 27 high and the trigger for a stronger short-term climb. Initial firm resistance is 117.601, the 20-day EMA.

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