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(M3) Trend Needle Points South

BOBL TECHS
  • RES 4: 119.307 61.8% retracement of the Mar 20 - 31 downleg
  • RES 3: 118.280/119.190 High Apr 12 / High Mar 27
  • RES 2: 117.830 High Apr 13
  • RES 1: 117.160/402 High Apr 18 / 20-day EMA
  • PRICE: 116.800 @ 05:10 BST Apr 25
  • 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 are consolidating. The trend outlook remains bearish and the contract has recently breached 117.200, the Mar 31 low. This reinforced a bearish theme and the focus is on 116.370, the Mar 15 low. Clearance 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 117.402, the 20-day EMA.

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