April 26, 2024 04:56 GMT
(M4) Southbound
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: 117.301 20-day EMA
- PRICE: 116.380 @ 05:34 BST Apr 26
- SUP 1: 116.270 Intraday low
- SUP 2: 116.135 1.50 proj of the Mar 8 - 18 - 27 price swing
- SUP 3: 115.964 1.618 proj of the Mar 8 - 18 - 27 price swing
- SUP 4: 115.752 1.764 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 again yesterday. Key support at 117.200, the Feb 29 low, has recently been cleared, strengthening the bearish theme. Fresh trend lows this week confirm a continuation of the downtrend. Sights are on 116.135, a Fibonacci projection. For bulls, a break of resistance at 118.310, Mar 27 high, would instead highlight a reversal. First resistance is 117.301, 20-day EMA.
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