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(M4) Heading South

BOBL TECHS
  • RES 4: 118.790 High Feb 15 and Mar 8 and a bull trigger
  • RES 2: 118.460 High Mar 12
  • RES 3: 118.100/118.310 High Apr 12 / High Mar 27
  • RES 1: 117.397 20-day EMA
  • PRICE: 116.610 @ 05:37 BST Apr 25
  • SUP 1: 116.560 Intraday low
  • SUP 2: 116.518 1.236 proj of the Mar 8 - 18 - 27 price swing
  • SUP 3: 116.306 1.382 proj of the Mar 8 - 18 - 27 price swing
  • SUP 4: 116.135 1.50 proj of the Mar 8 - 18 - 27 price swing

The downtrend in Bobl futures remains intact and the contract traded to a fresh cycle low yesterday. Key support at 117.200, the Feb 29 low, has recently been cleared, strengthening the bearish theme. Fresh trend lows this week confirms a continuation of the downtrend. Sights are on 116.518, a Fibonacci projection. For bulls, a break of resistance at 118.310, Mar 27 high, would instead highlight a reversal. First resistance is 117.397, 20-day EMA.

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